Riyadh – Mubasher: The Capital Market Authority (CMA) has granted its green light for the requests of Gulf Union Alahlia Cooperative Insurance Company and Wataniya Insurance Company to increase their capital through rights issues.

Gulf Union Alahlia will raise its capital by SAR 229.47 million, while Wataniya Insurance will increase it by SAR 200 million, according to recent bourse disclosures.

Last December, Gulf Union Alahlia submitted its request to the CMA to obtain the approval for increasing its capital to SAR 458.90 million.

In September 2021, the board of Wataniya Insurance had proposed a capital hike to endorse the company’s future business plans.