Amana gets CMA nod on capital hike

Saudi Arabia’s Capital Market Authority (CMA), the Kingdom’s market regulator, has approved Amana Cooperative Insurance Co.’s request to raise its capital to SAR 240 million from SAR 140 million.

The approval is conditional on the company’s extraordinary general assembly approval and completion of the necessary procedures in relation to the applicable regulations, the authority said in a statement.

In August, the insurer obtained final approval from the Saudi Arabian Monetary Authority (SAMA) for its proposed SAR 100 million capital hike to SAR 240 million through rights issue, according to data available on Argaam.