Riyadh – Mubasher: Weqaya Takaful Insurance and Reinsurance Company has received a letter from the Saudi Arabian Monetary Authority (SAMA) asking the insurer to disclose before 25 May the purpose of the capital increase and how the proceeds would be used.

SAMA also asked for a detailed five-year action plan starting 2017, before deciding on the insurer’s request to raise capital, according to a statement.

Weqaya had submitted on 4 April a request to SAMA to increase capital by SAR 600 million to reach SAR 800 million through a rights issue to offset the accumulated losses.