Sabb Takaful has called for an Extraordinary General Meeting (EGM) on August 8 to vote on its SAR300 million ($80 million) rights issue.

The meeting has been called following approval from the Capital Market Authority (CMA), of an application to increase the Company’s capital through a rights issue. Shareholders attending the EGM will vote on the increase of Sabb Takaful's capital at the price recommended by the Company's Board of Directors.

The rights issue offering is being made to Sabb Takaful shareholders registered with Tadawul at the close of trading on the date of the EGM. Shareholders owning 20 or more shares may attend the EGM in person or nominate another shareholder through a power of attorney.

Aldukheil Financial Group has been appointed Financial Advisor for the Company and Lead Manager for the rights issue, while Saudi Hollandi Capital has been appointed Underwriter.-TradeArabia News Service