Al-Etihad gets SAMA nod on capital hike

Al-Etihad Cooperative Insurance Co. on Monday received approval from the Saudi Arabian Monetary Authority (SAMA) to raise capital by SAR 125 million to SAR 400 million, the insurer said in a statement to Tadawul. 

 The process is pending remaining regulatory procedures.

In February, the insurer’s board of directors recommended a 45.45 percent capital hike to SAR 400 million from SAR 275 million, through the issue of five bonus shares for every 11 held, Argaam reported.

The move aims to boost the company’s capital base, support future expansions, and maintain solvency margin.