Walaa Insurance gets CMA nod to hike $227m capital for SABB Takaful merger

RIYADH: Walaa Cooperative Insurance Co. has received approval from the Capital Market Authority to increase its capital in order to merge with SABB Takaful.

By issuing over 20 million ordinary shares, Walaa Insurance’s capital will increase to SR850 million ($227 million), up from SR646 million, according to a bourse filing.

Walaa Cooperative revealed today that its losses widened to SR27 million during the first half of 2022, compared to SR13 million in the same period last year.