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United Cooperative Assurance Co.’s (UCA) board of directors recommended increasing the company’s capital through rights issue of SAR 300 million, according to a bourse statement.
The company aims to use the funds to finance expansions of its activities.
Shareholders of record on the date of the extraordinary general assembly meeting (EGM), during which the decision to increase capital is approved, are eligible, in addition to those registered at the Securities Depository Center Co. (Edaa) at the end of the second trading day following the meeting.
BMG Financial Group was appointed the financial advisor for the offering.
The process is subject to approvals by the general assembly and related regulatory authorities.
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