SAMA approves Bupa Arabia’s capital hike request

Bupa Arabia for Cooperative Insurance said it has received a no-objection letter from Saudi Arabian Monetary Authority (SAMA) on the company’s proposed capital increase.

The firm will now submit its application to the Capital Market Authority (CMA) and seek to complete any other regulatory approvals and processes, the insurer said in a bourse statement on Wednesday.

The proposed increase in capital will only be initiated after obtaining all necessary approvals, including from the company’s extraordinary general assembly, the statement added.

Earlier this week, Bupa Arabia’s board of directors had recommended a 50 percent capital increase to SAR 1.2 billion from SAR 800 million through the issue of one bonus share for every two shares held.