Saudi Arabia: CMA approves Allianz Saudi Fransi capital hike

Source: Middle East Insurance Review | Apr 2020

The Saudi Capital Markets Authority (CMA) has approved Allianz Saudi Fransi Cooperative Insurance Company’s request to increase its capital through a SAR400m rights issue, according to Mubasher.

The increase will be limited to shareholders, registered at the Security Depository Centre as of the closing of the second trading days after the company’s extraordinary general assembly meeting (EGM).

The date of the next EGM will be determined by the company’s board of directors at a later date, according to a company statement to Tadawul. The offering price and the number of shares offered for subscription will also be determined by the company at the EGM. M

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