The Board of Directors of the Saudi Indian Company for Cooperative Insurance (Wafa Insurance) recommended that the company increase the company's capital by offering priority rights shares.
According to Arabiya Net, the company said in a statement that the total amount that the company is seeking to obtain is 300 million riyals.
He added that the reason for requesting the capital increase is due to the strengthening of the solvency margin and the return of the company to its activities.
and clarified that eligibility will be given to shareholders who own shares on the day of the extraordinary general assembly that decided to increase the capital by offering priority rights shares and whose names appear in the issuer's shareholder register at Depository center at the end of the second trading day following the date of the association.
Earlier, the preliminary financial results for the third quarter of 2019 showed that the company achieved net losses of 4 million riyals.
The company indicated that its losses declined by 87.74% compared to losses of 33.224 million riyals during the same period last year.
The company data showed that the company's losses during the first nine months of last year amounted to 32.433 million riyals, down by 57.147% compared to the same period last year. >
