Saudi Wataniya Insurance鈥檚 shares soar 10% ahead of capital boost

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RIYADH: Wataniya Insurance Co.鈥檚 shares soared nearly 10 percent to lead the gainers on TASI on Thursday, after the firm's shareholders approved the board鈥檚 proposal to double its capital.

The Jeddah-based insurer鈥檚 share price now stands at SR22.5 ($6) with a market capitalization of SR450 million, up from SR20.5 in the previous close.

In a bid to support future growth and meet solvency requirements, the company plans to increase capital to SR400 million from SR200 million through a rights issue.

Rights issue subscription will start on April 25 and run through May 9, where the fluctuation limits will be based on a share price of SR20.5. 

The recommendation was approved by the company鈥檚 shareholders during the extraordinary general meeting, held on April 13, according to a bourse filing.