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Amiantit, Al Sagr Cooperative mull capital hike via rights issue

Amiantit, Al Sagr Cooperative mull capital hike via rights issue
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AMIANTIT
2160
-26.49% 27.20 -9.80
ALSAGR INSURANCE
8180
32.01% 29.20 7.08

Riyadh – Mubasher: Saudi Arabian Amiantit Company and Al Sagr Cooperative Insurance Company plan to increase their capital by offering rights issues, according to bourse disclosures.

Amiantit aims to raise its capital by SAR 346.50 million in line with its objectives to finance its working capital and settle some banking obligations.

After the Capital Market Authority (CMA) greenlighted the capital hike in December 2022, Wasatah Capital Company was appointed as the financial advisor for the offering.

Meanwhile, Al Sagr Cooperative intends to hike its capital by SAR 160 million to SAR 300 million. This aligns with the company’s plans to meet the minimum capital requirements for insurance firms and support future plans as well as the solvency margin.

However, the capital increase is subject to the approvals of the Saudi Central Bank (SAMA), the CMA, and the shareholders of Al Sagr Cooperative.