Saudi Arabian regulator Capital Market Authority approved Walaa Cooperative Insurance Co.'s proposal to increase its capital to complete the merger with MetLife AIG ANB Cooperative Insurance Co. through a securities exchange offer.

Walaa will increase its capital from 528 million Saudi Arabian riyals to approximately 646.4 million riyals by issuing 11,839,706 ordinary shares.

The merger, which was recently cleared by the Saudi Arabian Monetary Authority, remains subject to approval from extraordinary general assemblies of both Walaa and MetLife.

As of Dec. 27, US$1 was equivalent to 3.75 Saudi Arabian riyals.