Riyadh – The extraordinary general meeting (EGM) of Amana Cooperative Insurance Company has approved the board’s recommendation to increase the capital by SAR 300 million.

The 230.70% capital hike will be carried out by offering a right issue of 30 million ordinary shares, according to a bourse disclosure on Monday.

The new capital will stand at SAR 430 million to be distributed over 43 million shares, compared to SAR 130 million and 13 million shares prior to the raise.

Amana aims to support its future plans and strengthen the solvency margin position through the capital increase.

It is worth noting that Saudi Central Bank (SAMA) gave its green light for the company’s request to increase its capital on 28 April 2022, while the Capital Market Authority (CMA) granted its approval on 23 May this year.

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