Amana Cooperative Insurance Co. obtained on Wednesday initial approval from the Saudi Arabian Monetary Authority (SAMA) for its proposed SAR 100 million capital hike, the insurer said in a bourse statement.

 

SAMA’s final approval is subject to an unconditional and irrevocable undertaking by a licensed brokerage firm to cover the entire rights issue of the capital hike.

 

In September last year, Amana Insurance’s board recommended a SAR 100 million rights issue, in order to boost solvency margin and support future activities.

 

The insurer last month submitted its capital increase request to the SAMA for approval.

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