Sanad Cooperative Insurance Company has signed an agreement with BMG Financial Group. With this, BMG becomes the financial adviser and arranger for Sanad Cooperative Insurance Company’s rights issue to increase the company's capital from SR200 million to SR400 million.

The agreement was signed between Mohammed Abduldayem, board member of Sanad, and Basil Al-Ghalayini, CEO and chairman of BMG Financial Group, at the BMG offices in Riyadh.

To strengthen its financial position and implement its future strategies, Sanad Cooperative Insurance Company has obtained a conditional approval from the Saudi Arabian Monetary Agency (SAMA) for increasing its capital.

The major shareholders of Sanad are Khazna Insurance Company of the UAE and Aggad Investment Company.

In his comments about this agreement, Mohammed Abduldayem stated that BMG was selected after search and careful consideration for an authorized investment bank with successful long track record in the advising and arranging services, especially in the insurance sector.