SAMA approves in principle a request by al-Rajhi Insurance to raise capital by SAR 200 million

Saudi Arabian Monetary Agency (SAMA), the country’s central bank, initially approved on April 24 a request by al-Rajhi Company for Cooperative Insurance to increase capital by SAR 200 million through rights issue.

SAMA will give the final approval for the increase after al-Rajhi completes additional requirements within 4 months, al-Rajhi said in a statement.

After getting the final approval from SAMA, Al-Rajhi will still have to apply for capital increase at the Capital Market Authority and the Ministry of Commerce and Industry.