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Allianz Saudi Fransi to boost capital with rights issue

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Allianz Saudi Fransi to boost capital with rights issue

Allianz Saudi Fransi Cooperative Insurance Co.'s board has proposed to increase the company's capital through a rights issue of 400 million Saudi Arabian riyals.

The rights issue is subject to approval from regulatory authorities and the extraordinary general assembly. Allianz Saudi Fransi will set the price and number of shares to be issued after it receives approval from the Saudi Arabian Monetary Authority, the Capital Markets Authority and other related regulators.

Allianz Saudi Fransi, which is 51% owned by Allianz Group, noted that it will disclose the appointment of a financial adviser on the deal in the future.

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