Malath Cooperative Insurance and Reinsurance Co. obtained approval on Tuesday from the Saudi Arabian monetary Agency (SAMA) to appoint PwC as an advisor ahead of its planned capital hike.

 

PwC will conduct the necessary studies to define the target amount for the capital increase, the insurer said in a statement to Tadawul.

 

In April, Malath board recommended raising capital through a rights issue to support the company’s sales growth and expansion plans. The company also plans to use the funds to help it meet solvency requirements.

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