8 requests for increase of capital

Eight insurance companies have introduced requests with the Capital Market Authority (CMA) for an increase of capital by rights issue.

These applications shall be motivated by the strenghtening in capital requirements and the fierce competition between companies on the national market.
Many of them have suffered huge losses for this reason.

The CMA released the list of the 8 related companies in a statement, stressing that some of them are still in the process of completing their request application.
Completed applications will be submitted to CMA's Board within two weeks.

The list consists of:

• Al Alamiya for Cooperative Insurance Company
• Al Rajhi Co for Cooperative Insurance
• AXA Cooperative Insurance Company
• Buruj Cooperative Insurance Company
• Saudi Arabian Insurance Cooperative Company (SAICO)
• Saudi Indian Company for Cooperative Insurance (Wafa)
• Saudi United Cooperative Insurance (Walaa Insurance)
• United Cooperative Assurance