UCA shelves capital increase proposal via rights issue

Logo of United Cooperative Assurance Co. (UCA) 

The board of United Cooperative Assurance Co. (UCA) decided, on Sept. 8, to cancel its recommendation to raise capital through a rights issue, according to a statement to Tadawul.

 

The top-up proposal aimed at restructuring the company’s capital and offset accumulated losses.

 

For More IPOs

 

The board will later reconsider the feasibility of the capital hike, the statement said.

 

The insurer’s board recommended in Dec. 2023 to increase capital to SAR 700 million by way of a SAR 300 million rights offering, data compiled by Argaam showed.

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