Riyadh - Mubasher: The extraordinary general meeting (EGM) of Allianz Saudi Fransi Cooperative Insurance Company (Allianz SF) approved on Monday,16 June, increasing the company’s capital through a SAR 400 million rights issue.

Accordingly, the capital will rise to SAR 600 million from a current SAR 200 million to support the company’s business growth and maintain the financial solvency requirements, according to a stock exchange statement on Wednesday.

Eligibility of the new shares will be to all shareholders registered in the register of the Securities Depository Center Company (Edaa) at the end of the second trading day following the EGM meeting date.

Meanwhile, the EGM approved the financial statements for fiscal year (FY) 2019 and discharged the Board of Directors from liability for the period.

Last March, the Saudi Capital Market Authority (CMA) approved the company's request for the said capital hike.