Riyadh – Mubasher: Malath Cooperative Insurance and Reinsurance announced that the Saudi Arabian Monetary Agency (SAMA) approved the company's capital hike request.
The insurance company requested increasing its capital by SAR 380 million through right issue.
The company will announce later appointing a financial advisor and submitting the file to the Capital Market Authority (CMA), according to a bourse filing on Tuesday.
Malath Cooperative Insurance and Reinsurance announced Tuesday that SAMA approved decreasing the company's capital by 60% or SAR 180 million.
Upon this approval, the company will operate with SAR 120 million rather than SAR 300 million according to the frame of capital restructuring and the erase of losses that are mainly incurred by the increase in technical provisions, the company added.
