The Capital Market Authority (CMA) approved the request of Al Rajhi Company for Cooperative Insurance (Al Rajhi Takaful) to increase its capital to SAR 1 billion from SAR 400 million.

The 150% capital hike will be carried out through the issuance of 1.50 shares for each owned share, according to a bourse filing.

Al Rajhi Takaful will allocate SAR 600 million from the retained earnings account in order to perform the transaction.

Meanwhile, the new capital will be distributed over 100 million shares, compared to SAR 40 million prior to the raise.

The board members recommended the capital increase last May to anchor the company’s capital base and foster its strategic expansion plans.

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