Riyadh – Mubasher: The Saudi Capital Market Authority (CMA) has approved Walaa Cooperative Insurance Company’s request to increase its capital to merge MetLife AIG ANB Cooperative Insurance Company into its business through a securities exchange offer.

Walaa Cooperative Insurance will raise its capital from SAR 528 million to roughly SAR 646.4 million by issuing 11.84 million shares, according to a bourse filing on Monday.

Completing the merger is subject to the approval of the extraordinary meetings by the two companies’ respective general assemblies.

Saudi Arabian Monetary Authority (SAMA) recently approved the merger between the two insurance firms.