CMA approves Allianz Saudi Fransi capital hike

The capital hike is subject to the approval of the company's shareholders

  
A Saudi trader monitors stocks at the Saudi stock market in Riyadh, Saudi Arabia, January 8, 2020.

A Saudi trader monitors stocks at the Saudi stock market in Riyadh, Saudi Arabia, January 8, 2020.

REUTERS/Ahmed Yosri

Riyadh – Mubasher: The Saudi Capital Markets Authority (CMA) has approved Allianz Saudi Fransi Cooperative Insurance Company’s request to increase its capital through a SAR 400 million rights issue.

The increase will be limited to shareholders, registered at the Security Depository Center as of the closing of the second trading day after the company’s extraordinary general assembly meeting (EGM).

The date of the next EGM will be determined by the company’s board of directors at a later date, according to a company statement to the Saudi Stock Exchange (Tadawul).

Moreover, the offering price and the number of shares offered for subscription will be determined by the company after the market closing of the same day in which the EGM will be held.

Source: Mubasher

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