Logo of Bupa Arabia for Cooperative Insurance
Bupa Arabia for Cooperative Insurance Co. received, on June 30, a letter of no objection from the Saudi Central Bank (SAMA) to increase its capital by 25% to SAR 1.5 billion from SAR 1.2 billion. Bupa will capitalize SAR 300 million from retained earnings and grant one bonus share for every four shares held.
The insurer will submit its application to the Capital Market Authority (CMA) and complete all other regulatory approvals in due course.
The proposed capital increase will only be initiated once all necessary approvals are received from the official authorities, as well as from the shareholders in the extraordinary general assembly meeting (EGM), the date for which will be announced later.
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