Amana Insurance shareholders to vote on capital hike on Feb. 28

Logo of Amana Cooperative Insurance Co.

Amana Cooperative Insurance Co.’s shareholders will vote on authorizing the company to proceed with the capital increase procedures and obtain the approval of the relevant authorities during the extraordinary general assembly meeting (EGM) held on Feb. 28, the insurer said in a statement on Tadawul.

In case the capital increase is not approved, they will vote to direct the company to proceed with the procedures to liquidate the company, as well as obtain the approval of the relevant authorities.

The electronic voting on the agenda items will start on Feb. 25 via Tadawulaty services.

Last month, Amana’s board of directors recommended a capital hike through a SAR 300 million rights issue. The capital hike aims to support future expansion and boost solvency margin.