The director board of Malath Cooperative Insurance & Reinsurance on Monday recommended increasing its capital by SAR 260 million through a rights issue to boost its solvency margin and support future activities.

 

Details on share pricing of the rights issue, pending official and shareholder approval, will be disclosed at a later stage, the company said in a statement to Tadawul.

 

In May, Malath obtained approval from the Saudi Arabian monetary Agency (SAMA) to appoint PwC as an advisor ahead of its planned capital hike.

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