Amana Insurance shareholders approve capital increase, reject liquidation

01/03/2022 Argaam

Logo of Amana Cooperative Insurance Co.

Shareholders of Amana Cooperative Insurance Co. approved proceeding with the capital increase procedures and obtaining the required regulatory approvals during the extraordinary general meeting (EGM) held yesterday, Feb. 28.

 

On the other hand, the shareholders rejected the liquidation of the company and the related measures, the insurance company said in a statement to Tadawul.

 

In case the capital is not fully-subscribed within 90 days, which end on May 29, 2022, from the EGM decision date, the company will go through financial restructuring, the statement added.

 

Amana board of directors recommended raising capital through a SAR 300 million rights issue, to support the company’s future plans and boost its solvency margin, Argaam earlier reported.

 

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