Riyadh-Mubasher: Sanad Cooperative Insurance Co. has obtained the approval of Saudi Arabia’s central bank SAMA to extend the grace period for submitting its capital increase documents until 15 March 2016.
The insurer plans to increase capital to SAR 400 million from SAR 200 million through offering rights issue shares worth SAR 200 million.
Sanad earlier submitted a request to SAMA to extend the grace period for submitting its capital increase documents, which was scheduled for 29 February.
