Riyadh - Mubasher: The Saudi Central Bank (SAMA) has agreed to increase Amana Cooperative Insurance Company’s capital to SAR 430 million from SAR 130 million through a rights issue.

SAMA granted its green light for the capital hike’s recommendation on 25 April 2022, according to a bourse filing.

The Saudi listed firm noted that the request is still subject to the Capital Market Authority’s (CMA) approval, adding that it will disclose any further developments related to the capital increase process.

It is worth noting that the insurer’s board proposed the SAR 300 million capital increase last January.