Riyadh – Mubasher: The Saudi Central Bank (SAMA) approved Arabian Shield Cooperative Insurance Company's request to increase its capital to SAR 400 million from SAR 300 million through issuing bonus shares, according to a disclosure to Tadawul on Sunday.

The insurance firm will raise the capital by SAR 100 million, of which SAR 80 million will be capitalized from the retained earnings balance and SAR 20 million from the statutory reserves. The company plans to boost its capital solvency from this increase.

Arabian Shield’s board recommended last January a capital hike by 33.33% by granting one bonus share for every three original shares.