Walaa board recommends capital increase with target of $206.67mln

The increase is to support growth and maintain the solvency margin of the Saudi insurance company

  

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)

 imogen.lillywhite@refinitiv.com

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© ZAWYA 2021


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