Riyadh – Mubasher: Arabia Insurance Cooperative Co (AICC) on Wednesday announced receiving a no-objection letter from the Saudi Arabian Monetary Agency (SAMA) to increase its capital by issuing priority rights shares.

SAMA approved the Saudi firm’s request to raise its capital to SAR 530 million ($141.32 million) from SAR 265 million ($70.66 million) through a rights issue, according to a statement to the Saudi Stock Exchange (Tadawul).

AICC’s board of directors had previously proposed raising the company’s capital in a bid to expand the company’s activities.