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Insurance Authority extends Asij capital deadline
The United Cooperative Insurance Company "Asseeg" announced that the Saudi Insurance Authority has approved the extension of the validity of its previous approval to increase its capital from 291 million SAR to 300 million SAR. This extension allows the board of directors to proceed with implementing the capital increase plan through a rights issue, aiming to strengthen the company's capital base and support its financial position in the Saudi insurance sector. The Authority emphasized the necessity for the company to meet regulatory requirements, including providing detailed monthly updates to ensure transparency, with no direct financial impact on the company's current financial statements. This extension is granted to give the company additional time to organize its legal and financial arrangements in accordance with Saudi regulations.
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