Saudi Arabia's Capital Market Authority approved Bupa Arabia For Cooperative Insurance Co.'s request to increase its capital to 1.2 billion riyals from 800 million riyals through the issuance of 1 bonus share for every 2 existing shares held by qualified shareholders.

The capital hike, which will be paid by transferring 400 million riyals from the insurer's retained earnings, will also increase the number of its shares to 120 million from 80 million.

An extraordinary general assembly would be held within six months, and the company still needs to satisfy all relevant regulatory requirements to increase its capital.

As of Sept. 5, US$1 was equivalent to 3.75 Saudi Arabian riyals.