Riyadh – Mubasher: The Saudi Arabian Monetary Authority (SAMA) handed over on Wednesday, 6 December, Amana Cooperative Insurance Company its initial approval of raising the firm’s capital by SAR 100 million.

Amana’s capital will reach SAR 240 million after raising it, according to a statement on Thursday to the Saudi Stock Exchange (Tadawul).

The Saudi body’s final approval is subject to an unconditional and irrevocable undertaking by a brokerage company to cover the right issue of the capital increase.

In November, the Kingdom-based insurance company submitted its capital hike request to SAMA .

By 10:08 am KSA time, the stock inched up 0.74%, reaching SAR 23.12.