Wafa gets SAMA’s nod on capital hike

Saudi Indian Cooperative Insurance Co. said it has received a no-objection letter from Saudi Arabian Monetary Authority (SAMA) on the company’s proposed capital hike, the insurer said in a bourse statement.

The proposed increase in capital will only be initiated after obtaining all necessary approvals, including from the company’s extraordinary general assembly.

Earlier this week, Wafa’s board of directors recommended a capital hike to SAR 320 million from SAR 100 million through a SAR 220 million rights issue, according to data available on Argaam.