Amana Cooperative Insurance Co. obtained on Thursday final approval from the Saudi Arabian Monetary Authority (SAMA) for its proposed SAR 100 million capital hike to SAR 240 million, the insurer said in a bourse statement.

 

SAMA’s final approval was obtained after the insurer submitted an unconditional and irrevocable undertaking by a licensed brokerage firm to cover the entire rights issue of the capital hike.

 

In September 2016, Amana Insurance’s board recommended a SAR 100 million rights issue, in order to boost solvency margin and support future activities, according to data available in Argaam.

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