Riyadh-Mubasher: Sanad Cooperative Insurance Co. said on Tuesday it requested an additional period from Saudi Arabian Monetary Agency (SAMA) to submit its capital increase documents to the Capital Market Authority (CMA).
The insurer said its request to extend the grace period was due to appointing a new financial advisor.
On 6 February, Sanad said it obtained SAMA’s approval to extend the period from 29 February until 15 March.
In September 2015, the company was approved by the market regulator to increase its capital by 100% to SAR 400 million from SAR 200 million, through offering rights issue shares worth SAR 200 million.
