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Saudi Arabia’s Capital Market Authority (CMA) has approved Walaa Cooperative Insurance Company’s request for a SAR 467.5 million ($124.6 million) rights issue.
The prospectus for the new offering will be made available to the public “at a later time”, the market regulator said in a statement on Monday.
The company’s board of directors had recommended increasing the company’s capital through a rights issue. A total of 42.5 million ordinary shares will be offered at SAR 11 per share.
(Writing by Cleofe Maceda; editing by Seban Scaria)
