Saudi Arabia’s Capital Market Authority (CMA) on Wednesday approved Walaa Cooperative Insurance Co.’s request to increase its capital from SAR 400 million to SAR 440 million, through issuance of one bonus share for every ten existing shares owned by the shareholders.

 

The capital hike will be financed by transferring SAR 40 million from retained earnings to the company's capital, the CMA said in a statement.

 

Accordingly, Walaa’s outstanding shares will be increased from 40 million to 44 million shares.

 

The extraordinary general assembly should be held within six months from this approval date and the company should satisfy all regulatory requirements and applicable laws, the statement added.

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