CMA approves Al-Rajhi Takaful’s SAR 200 mln capital raise

Saudi Arabia’s Capital Market Authority (CMA) said on Wednesday that it approved Al-Rajhi Takaful's request to raise its capital by SAR 200 million through a rights issue.

According to a statement on Tadawul, the right issue and number of shares to be issued will be determined at the company’s extraordinary general assembly meeting, which should be held within six months from the approval date.

The company added that the right issue will be conducted in accordance with the tradable rights framework. The rights issue prospectus will be published at a later date.

The CMA says its board approval of the offer should never be considered as a recommendation to invest in the company.

“The Board's approval of the offer merely means that the legal requirements as per the Capital Market Law and its Implementing Regulations have been met,” the authority added.