Saudi: CMA approves Al Sagr Cooperative’s capital raise

Reuters/Ahmed Yosri

The listed firm plans to raise its capital by $42.66mln

Staff Writer, Mubasher

April 25, 2024

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Riyadh – The Capital Market Authority (CMA)greenlighted the request of Al Sagr Cooperative Insurance Company to increase its capital by way of a rights issue.

The listed firm plans to raise its capital by SAR 160 million to SAR 300 million from SAR 140 million, according to a bourse disclosure.

The insurance company submitted the capital hike file on 30 December 2023, while the CMA approved the transaction on 24 April 2024.

In 2023, Al Sagr Cooperative turned profitable at SAR 42.30 million, against net losses after Zakat attributable to the owners valued at SAR 53.46 million a year earlier.

Insurance revenues grew by 2.72% to SAR 486.22 million last year from SAR 473.34 million in 2022.

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