KSA - Wafa Insurance’s board proposes SAR 300m capital raise
Monday, 12 14 2020, Category: Insurance and Reinsurance, Country: Saudi Arabia
The board of the Saudi Indian Company for Cooperative Insurance (Wafa Insurance) recommended increasing the company’s capital by SAR 300 million through a rights issue.
The capital raise will enhance the financial solvency margin and will help the company return to practice its insurance operations, according to a stock exchange statement on Sunday.
The transaction shall be subject to the approval of relevant bodies and the insurer’s extraordinary general meeting (EGM).
Eligibility will be to the shareholders on the date of the EGM meeting that will approve the capital raise, as per the registered shareholders in the register of the Securities Depository Center Company (Edaa) at the end of the second trading day following the EGM meeting date.