Riyadh – Mubasher: The board of Wataniya Insurance Company recommended to increase the capital through a rights issue to support its future business and solvency margin position.

The insurance firm aims to raise SAR 200 million through the rights issue, according to a bourse filing on Thursday.

Wataniya Insurance still needs to obtain approvals of the extraordinary general meeting, the Saudi Central Bank (SAMA), and the Capital Market Authority (CMA), as well as other regulatory authorities.  

The company will later announce the appointment of the financial advisor for the offering.