Logo of Amana Cooperative Insurance Co.
Amana Cooperative Insurance Co. appointed, on Feb. 15, Alkhair Capital as the financial advisor for its upcoming rights issue.
An announcement will be made later when the capital increase request file is submitted to the Saudi Central Bank (SAMA) and the Capital Market Authority (CMA) as well as any future updates in this regard, the insurer said in a bourse statement.
In January, Amana Insurance’s board of directors recommended a capital hike through a SAR 300 million rights issue, according to data compiled by Argaam.
The capital hike aims to support future plans and boost solvency margin.
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