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Capital Markets OKs Capital Raise for Al-Tawfea and Al-Naqoul
The Capital Market Authority has approved a 50% increase in the capital of "Al Taawouniya Insurance" company, raising it from 1.5 billion riyals to 2.25 billion riyals, through the issuance of one free share for every two existing shares. This is to be achieved by converting 750 million riyals of retained earnings. Additionally, the Authority has approved a 100% capital increase for "Al Naguol" company, increasing its capital from 29 million riyals to 58 million riyals, by granting one free share for every share owned, through the conversion of 29 million riyals of retained earnings. The Authority emphasizes the necessity of convening the general assemblies within six months to complete the procedures.
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