Riyadh – Mubasher: Weqaya Takaful Insurance and Reinsurance submitted a new request to the Saudi Arabian Monetary Agency (SAMA) to increase its capital.

The company requested raising its capital by SAR 600 million to reach SAR 800 million, according to a bourse filing on Monday.

The aim of the hike is to decrease the accumulated losses to less than half and enhance the financial solvency, as per the Cooperative Insurance Companies Control Law.

Weqaya’s capital amounts to SAR 200 million, distributed over 20 million shares at a nominal value of SAR 10 per share.

By the end of 2015, the company’s accumulated losses reached SAR 298.14 million, representing 149% of the capital.