Saudi cbank OKs Bupa Arabia’s SAR 400 mln capital hike

Saudi Arabian Monetary Agency (SAMA), the kingdom’s central bank, approved on Monday a Bupa Arabia for Cooperative Insurance Co.’s request to raise its capital from SAR 400 million to SAR 800 million through bonus shares, the insurer said in a statement to Tadawul.

One bonus share will be issued for every share held, increasing the number of total shares to 80 million from 40 million.

Following the proposed move, the share capital value and the number of shares will increase by 100 percent.

The capital hike will only be initiated once all necessary approvals are received from all the required official authorities, including the Capital Market Authority (CMA), the country’s market regulator, as well as the company’s shareholders.