Al-Etihad gets CMA's nod on capital hike

Al-Etihad Cooperative Insurance Co. has received the approval of the Saudi Capital Market Authority (CMA) on a capital increase by SAR 125 million to SAR 400 million, the insurer said in a statement to Tadawul.

Capital will be increased through issuing 5 bonus shares for every 11 existing shares. The increase will be financed from retained earnings (SAR 95.74 million) and the statutory reserve (SAR 29.25 million).

In February, the insurer’s board of directors recommended a 45.45 percent capital hike to SAR 400 million from SAR 275 million, through the issue of five bonus shares for every 11 held, Argaam reported.