AXA Cooperative Insurance Co. on Monday received approval from the Saudi Arabian Monetary Authority (SAMA) to raise capital by SAR 50 million to SAR 500 million, the insurer said in a statement to Tadawul. 

 

The process is pending the remaining regulatory procedures.

 

In March, the insurer’s board of directors recommended an 11.11 percent capital hike through issuance of one bonus share for every 11 shares held, Argaam reported.

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