Al Rajhi Company for Cooperative Insurance (Al Rajhi Takaful) used SAR 150 million from its rights issue proceeds to boost its solvency margin, the company said in a statement to Tadawul on Monday.

 

Total rights issue proceeds amounted to SAR 200 million. After deducting direct and indirect rights issue expenses of SAR 4.06 million, the total net proceeds reached SAR 195.9 million.

 

The insurer placed SAR 20 million of that in its statutory deposit, in compliance with capital increase requirements.

 

Al Rajhi Takaful earlier said it would allocate SAR 25 million towards expansion, but is still currently considering offers and suitable locations for new branches.

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