Arab News, Saturday, Sep 18, 2021 | Safar 11, 1443
Wataniya Insurance board recommends $53.3m capital increase
Saudi Arabia:
Wataniya Insurance Company’s
board of directors recommended on Thursday to increase the company’s capital
through a SR200 million ($53.3 million) rights issue, according to a bourse
filing.
The company plans to use the proceeds to support
its future plans and increase its solvency margin, Wataniya said in a statement
on Saudi Stock Exchange (Tadawul). An insurer’s solvency margin is the
difference between its assets and insurance liabilities and is designed to
prepare it for unforeseen claims.
The financial adviser for the offering will be
announced once appointed, the company said.