Riyadh – Mubasher: The board of Walaa Cooperative Insurance Company has recommended raising the company's capital by offering a SAR 775 million right issue.

This proposal aims to support the company's growth plan and maintain its solvency margin, according to the company's disclosure to the Saudi Stock Exchange (Tadawul) on Tuesday.

The board's recommendation is subject to the approvals of the Saudi Central Bank, Capital Market Authority (CMA), and other regulatory authorities, in addition to the extraordinary general meeting's (EGM) approval.

It is noteworthy to mention that during the third quarter (Q3) of 2020, the company's net profits before Zakat increased by 218.2% to SAR 25.271 million from SAR 7.9 million in the prior-year quarter.