Riyadh – Mubasher: The board of United Cooperative Assurance Company recommended a capital raise by offering a rights issue at a value of SAR 300 million.

The proposed capital hike is expected to endorse the company’s business growth plan, according to a bourse disclosure on Sunday.

Increasing the capital is still subject to approvals of regulatory authorities and the extraordinary general meeting.

United Cooperative has appointed BMG Financial Group as the financial advisor for the capital raise process.