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Walaa, Sure Global unveil capital raise proposal

Walaa, Sure Global unveil capital raise proposal
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Riyadh – Mubasher: Walaa Cooperative Insurance Company and Sure Global Company announced the board’s proposal to increase their capital, according to bourse disclosures.

In line with its growth plans to enhance its solvency margin, Walaa will raise its capital by offering a rights issue valued at SAR 425 million.

The hike process is still subject to the approvals of the Saudi Central Bank (SAMA), the Capital Market Authority (CMA), and the company’s shareholders.

Sure Global

The Saudi firm targets a 50% capital increase by granting one bonus share for every two owned shares.

A total of SAR 25.64 million will be capitalised from the retained earnings account.

The new capital will stand at SAR 76.94 million distributed over 7.69 million shares, compared to SAR 51.29 million and 5.12 million shares prior to the hike.

In the first half ( H1) of 2023, Walaa turned profitable at SAR 67.95 million, compared to net losses before Zakat valued at SAR 61.20 million in H1-22.