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Saudi Arabian insurer Malath secures approval for capital increase

Saudi Arabian financial regulators approved Malath Cooperative Insurance and Reinsurance Co.'s request to raise its capital through a rights issue amounting to 380 million Saudi Arabian riyals.

The firm will set the offering price and number of shares for subscription after market close on the day of its extraordinary general meeting.

As of July 31, US$1 was equivalent to 3.75 Saudi riyals.