The Saudi Arabian Monetary Agency, the kingdom’s central bank, said on Thursday that it approved Alinma Tokyo Marine Insurance Company’s request to raise its capital by SAR 250 million through a rights issue.

The approval is conditional upon receiving the green light from other regulatory bodies.

The central bank said its board approval of the offer should never be considered as a recommendation to invest in the company.

In October, Alinma Tokyo Marine’s board of directors recommended a SAR 250 million capital raise through a rights issue, according to data compiled by Argaam. 

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