Allianz Saudi Fransi Cooperative insurance Co. (Allianz SF) said it has received on Friday the Saudi Arabian Monetary Authority’s (SAMA) no-objection letter on its proposed capital hike through a rights issue of SAR 400 million.
The Company will disclose subsequently the submission of the application to the Capital Market Authority (CMA), and any other significant future events in this regard, the insurer said in a bourse statement.
In June, Allianz SF board of directors has recommended a capital hike to SAR 600 million from SAR 200 million through a rights issue of SAR 400 million, Argaam previously reported.
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