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Saudi Walaa Insurance Company intends to increase its capital by 425 million riyals

Saudi Walaa Cooperative Insurance Company announced the Board of Directors’ recommendation to increase the company’s capital by offering priority rights shares.

The company said in the statement sent to the Saudi Stock Exchange today, Monday, that the total amount to be obtained is 425 million riyals.

The company explained that the reasons for the increase are to support the expansion of the company’s activity and enhance the solvency margin.

He pointed out that shareholders who own shares on the day of the extraordinary general assembly, which decided to increase the capital by offering priority rights shares, and whose names appear in the register of shareholders of the issuer at the depository center at the end of the second trading day following the date of the assembly, are eligible.

An announcement will be made later when a financial advisor is appointed for the offering, as well as when the capital increase application file is submitted to the Authority or any future developments in this regard, according to the company’s statement to the stock exchange.

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