Al-Etihad Insurance submits capital hike request to CMA

28/02/2024 Argaam

Al-Etihad Insurance submits capital hike request to CMA

Logo of Al-Etihad Cooperative Insurance Co.

Al-Etihad Cooperative Insurance Co. submitted a request to the Capital Market Authority (CMA) to increase capital through a bonus share issue.

 

In a statement to Tadawul, the insurer pointed out that any material developments in this regard will be announced in due course as per the applicable laws.

 

On Aug. 6, 2023, Al-Etihad’s board of directors recommended raising the company’s capital by 11.11% to SAR 500 million via a one-for-nine bonus share distribution, Argaam earlier reported.

 

The company received, on Feb. 10, the Insurance Authority’s approval to increase its capital from SAR 450 million to SAR 500 million by capitalizing SAR 50 million from retained earnings.

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