Saudi Wataniya Insurance’s shares soar 10% ahead of capital boost

Short Url
Updated 14 April 2022
Follow

Saudi Wataniya Insurance’s shares soar 10% ahead of capital boost

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

The Jeddah-based insurer’s 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’s shareholders during the extraordinary general meeting, held on April 13, according to a bourse filing.

 


Operational challenges bring Riyadh Airport to a near standstill

Updated 49 min 30 sec ago
Follow

Operational challenges bring Riyadh Airport to a near standstill

  • Airlines issue statements, while sources tell Arab News rain is to blame

RIYADH: Thousands of passengers travelling to and from King Khalid International Airport in Riyadh were left stranded as major airlines struggled to offer alternative flights following a slew of cancellations and delays.

Saudia and flyadeal were among the aviation firms who faced difficulties, with the two airlines putting out statements blaming temporary operational challenges for the issues.

A statement from the airport on its official X account urged travelers to contact airlines directly before heading to the aviation hub to verify the updated status and timing of their flights.

The statement said: “King Khalid International Airport would like to inform you that, due to the concurrence of a number of operational factors over the past two days —including several flights diverting from other airports to King Khalid International Airport, in addition to scheduled maintenance works within the fuel supply system — this has resulted in an impact on the schedules of some flights, including the delay or cancellation of a number of flights operated by certain airlines.”

The airport added that operational teams are working “around the clock in close coordination with our airline partners and relevant stakeholders to address developments and restore operational regularity as soon as possible”, while taking all necessary measures to minimize any impact on the passenger experience.

Airport sources told Arab News that the issue has to do with the heavy rain Riyadh experienced earlier on Friday. Water apparently got into the fuel tankers supposed to refuel jets before they fly, and then several airlines struggled to re-schedule passengers. 

It its own statement on X, Saudia said: “Affected guests are being contacted through various communication chanels, with all ticket changes processed at no additional cost.”

Arab News reached out to Saudia for further information.

Also in a post on X, flyadeal said any of it passengers impacted by the disruption “will be notified directly by emails and SMS with rebooking and support options.”