The board of Saudi United Cooperative Insurance Co. (Walaa) decided to set its rights issue premium at SAR 40 million, raising the value of the issue to SAR 240 million, according to its statement to Tadawul, Saudi Arabia’s bourse.
The insurer will announce more details upon obtaining the regulatory approvals.
In April 2014, Walaa obtained the approval of Saudi’s central bank to raise its capital by way of a rights issue at a total value of SAR 200 million, according to data available on Argaam.
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