Riyadh – Mubasher: The Saudi Central Bank (SAMA) has granted its green light for the United Cooperative Assurance Company’s request to increase its capital from SAR 400 million to SAR 700 million through a rights issue.

The bank’s approval is valid for one year to complete the capital raise transaction, according to a bourse filing on Monday.

The Saudi listed firm pointed out that it will disclose any further developments related to the capital increase process.

Last October, the company’s board proposed a capital raise by offering a SAR 300 million in a rights issue.