Riyadh - Mubasher: Wataniya Insurance’s extraordinary general meeting (EGM) approved on Sunday, to double the company’s capital, from SAR 100 million ($26.66 million) to SAR 200 million ($53.32 million), with new equity issuance to take place on 9 August.
New shares will be sold at SAR10 per share, according to a bourse filing.
Shareholders registered in the company’s books by the end of trading on 31 July will be entitled to subscribe in the capital increase, which will be carried out on two phases, the first will be held between 9 and 18 August, while the other will begin on 21 August and will last for three days.
This 100% capital increase aims at raising the company’s financial solvency, maintaining its ability to pay its liabilities, financing the renewal of the current information system, and other purposes.
