Riyadh — Mubasher: Amana Cooperative Insurance on Tuesday announced that its shareholders had approved a SAR 100 million capital hike through right issue shares during an extraordinary general meeting (EGM) held in the previous day.

The Saudi insurer’s capital will increase to SAR 240 million from SAR 140 million and the shares will rise to 24 million shares from 14 shares, according to a statement to the Saudi Stock Exchange (Tadawul).

Amana Cooperative said that the capital increase aims to boost the company’s financial position.

Shareholders of Amana’s shares at the end of trading on Wednesday, 30 January 2018 will be entitled to the right issue shares.

“Thus, the fluctuation limits on Tuesday 29/01/2019 for Amana Cooperative Insurance Co. will be based on a share price of SAR 17.26. Furthermore, the Securities Depository Center (Edaa) will deposit the company rights into the investor’s portfolios by Thursday 31/01/2019,” the statement added.

By the end of Monday's trading session, Amana’s stock dipped 13.49% to SAR 18.98.