RIYADH: Wataniya Insurance Co.’s shares soared nearly 10 percent to lead the gainers on TASI on Thursday, after the firm's shareholders approved the board’s proposal to double its capital.
The Jeddah-based insurer’s share price now stands at SR22.5 ($6) with a market capitalization of SR450 million, up from SR20.5 in the previous close.
In a bid to support future growth and meet solvency requirements, the company plans to increase capital to SR400 million from SR200 million through a rights issue.
Rights issue subscription will start on April 25 and run through May 9, where the fluctuation limits will be based on a share price of SR20.5.
The recommendation was approved by the company’s shareholders during the extraordinary general meeting, held on April 13, according to a bourse filing.
