Riyadh-Mubasher: Wataniya Insurance Co. has obtained the approval of Saudi Arabia’s central bank SAMA to extend the grace period for submitting capital increase documents until 15 March 2016.
The insurer plans to increase capital by 100% through offering rights issue shares worth SAR 100 million.
On 14 February, Wataniya submitted a request to SAMA to extend the grace period for submitting its capital increase documents, which was scheduled for 18 February.
The Tadawul-listed company posted losses of SAR 14.9 million for the fourth quarter of 2015, against earnings of SAR 9.5 million in the same period a year ago.
