Saudi regulator to decide on Wataniya rights issue soon

12/06/2016 Argaam

The Saudi market regulator, the Capital Market Authority (CMA), said that Wataniya Insurance Co. and Takween Advanced Industries Co. are the two companies who have currently sought approval to increase their capital through a rights issue.

 

The CMA will take a decision on Wataniya in two weeks while Takween is yet to complete its application, the statement said.

 

The CMA added that companies looking to raise capital should comply with new regulatory procedures, including: 

 

- the board of directors approval for the capital increase proposal

- the appointment of a financial advisor and underwriter, to ensure all relevant requirements have been fulfilled;

- holding an extraordinary general assembly to vote on the capital increase proposal.

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