Buruj Cooperative Insurance Co. said it received on Monday a no-objection letter from Saudi Arabian Monetary Authority (SAMA) regarding its proposed capital increase.


The company will complete all related regulatory approvals and processes, the insurer said in a bourse statement.
 

On Monday, Buruj’s board of directors recommended a 20 percent capital increase to SAR 300 million from SAR 250 million through issue of one bonus share for every five shares held, Argaam previously reported.

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