Riyadh – Mubasher: The Saudi Capital Market Authority (CMA) on Monday announced approving Malath Cooperative Insurance Company’s request to raise its capital through a rights issue at a value of SAR 380 million.
The increase will be limited to the eligible shareholders registered in the shareholders’ registry at the Security Depository Center, the CMA said.
“The offering price and the number of shares offered for subscription will be determined by the company after market closing of the same day in which the extraordinary general meeting (EGM) is to be held,” the authority added.
Malath said on Sunday that it narrowed its accumulated losses below 20% of its capital.
By 11:42 am Saudi time, the insurance firm’s stock decreased 3.20% to SAR 23.30
