Saudi Arabia’s Walaa Cooperative Insurance Company (Walaa) will increase its capital by offering a rights issue, with a target amount of $206.67 million (SAR 775 million).

In a statement to the Saudi stock exchange Tadawul, the company said the board had recommended the move to support growth and maintain its solvency margin.

Shareholders registered within two trading days of the company’s general assembly meeting will be eligible for the issuance.

(Writing by Imogen Lillywhite; editing by Daniel Luiz)

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2021