Riyadh - Mubasher: The board of directors (BOD) of Weqaya Takaful Insurance and Reinsurance has recommended increasing the company’s capital through the issuance of bonus shares at SAR 600 million.

According to the company’s statement to the Saudi Stock Exchange (Tadawul) on Tuesday, the target of the capital hike is to improve its financial solvency.

The company’s extraordinary general meeting (EGM) approved on 29 March the continuity of the company and rejected the assets’ liquidation.

The EGM also approved the financial statements, as well as the board and auditor's report for 2013, 2014, and 2015.

Weqaya previously announced that it is unable to release the financial results for fiscal year 2016.