Walaa board upgrades rights issue value to raise capital to SAR 467.5M

Logo of Walaa Cooperative Insurance Co.

Walaa Cooperative Insurance Co.'s board of directors decided yesterday, Feb. 25, to change its recommendation to the extraordinary general meeting (EGM) to raise the company's capital through a SAR 467.5 million rights offering instead of SAR 425 million.

The insurer will offer 42.5 million ordinary shares at a nominal value of SAR 10 per share, with an offering price of SAR 11 each, according to a statement to Tadawul.

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In September 2023, Walaa’s board of directors recommended increasing the company’s capital through a SAR 425 million rights offering, according to data available on Argaam.