Riyadh – Mubasher:  Allianz Saudi Fransi Cooperative Insurance Company (Allianz SF) on Sunday revealed that its board of directors has recommended increasing the company’s capital.

The firm will raise its capital through a rights issue with a total value of SAR 400 million, according to the company’s statement to the Saudi Stock Exchange (Tadawul).

The Saudi insurer will raise its capital to SAR 600 million instead of SAR 200 million.

The decision will come into force after receiving the approval of the regulatory authorities and the extraordinary general assembly, the statement said.  

The Saudi Arabian Monetary Authority (SAMA) has no objection regarding the company’s capital hike.

Moreover, the insurance company will announce subsequently the submission of the application to the Capital Market Authority (CMA), and any other significant future events in this regard.

By the end of Thursday’s session, Allianz SF’s stock went down 0.40% at SAR 25.10.