Al Sagr board proposes SAR 160 mln rights issue to raise capital

The board of Al Sagr Cooperative Insurance Co. recommended, on Sept. 13, increasing the company’s capital to SAR 300 million through a SAR 160 million rights offering. 

The capital increase will help Al Sagr comply with the minimum capital requirements for insurance companies, as well as support future plans and solvency margin, the company said in a statement to Tadawul.

Shareholders of record on the extraordinary general meeting (EGM) date, and those registered with the Securities Depository Center (Edaa) on the second trading day following the meeting date are eligible for this increase.

The plan is subject to the approvals of the Saudi Central Bank (SAMA), the Capital Market Authority (CMA), other regulatory authorities and Al Sagr shareholders.

Source : Arqaam