Latest news with #Tawuniya
Argaam
13-07-2025
- Business
- Argaam
Fitch affirms Tawuniya ‘A' credit rating with positive outlook
Fitch Ratings affirmed The Company for Cooperative Insurance's (Tawuniya) Insurer Financial Strength (IFS) rating at 'A'. The Outlook is Positive. In a statement to Tadawul, the insurer said that this rating is an important indicator reflecting the company's strong financial position and the diversity of its services and products. Tawuniya views this rating as a testament to its continued commitment to financial strength, sustainable growth, and leadership in the Saudi insurance market, the statement added.
Argaam
25-06-2025
- Business
- Argaam
Leadership of insurance pool for latent defects insurance product transferred to Tawuniya
The Insurance Authority (IA) announced that leadership of the insurance pool for the latent defects insurance product has been transferred from Malath Cooperative Insurance Co. to The Company for Cooperative Insurance (Tawuniya), effective for three years as of June 24. As many as 17 insurance firms are taking part in this pool. According to Argaam 's data, Tawuniya announced last February its selection by the IA to lead the insurance pool against the inherent defects insurance product on behalf of the insurance sector. In July 2020, Malath signed an agreement with several participating insurance players for the latent defects insurance product, following the Saudi Central Bank's (SAMA) approval.
Argaam
15-06-2025
- Business
- Argaam
Tawuniya completes buyback of treasury shares
The Company for Cooperative Insurance (Tawuniya) completed the purchase of a number of its own shares for the employees' incentive program, based on the approval of the extraordinary general meeting (EGM) held on May 27. The company repurchased 199,862 shares at a total value of SAR 28.77 million, according to a Tadawul statement. The average purchase price per share was SAR 143.68. According to data available on Argaam, Tawuniya's shareholders approved the repurchase of 199,860 shares maximum, to be allocated for the employees' incentive program. They also authorized the board of directors to complete the buyback process within 18 months from the EGM date. The share buyback will be financed from the company's cash. Tawuniya will retain the repurchased shares for a maximum of 10 years, after which it will comply with the relevant laws and regulations.
Argaam
15-06-2025
- Business
- Argaam
SMC opens 15M shares at SAR 25 for retail subscribers
Specialized Medical Co. (SMC) launches today, June 15, a retail offering for 15 million shares on the Main Market (TASI) at SAR 25 each, as determined by the book-building process. The shares allocated to individual subscribers represent 20% of the total shares on offer. The subscription period will continue for two days until June 16. The retail offer was earlier scheduled for May 28-29, but was postponed. For More IPOs In March, the Capital Market Authority (CMA) approved the company's application to list and offer 75 million shares on TASI, representing 30% of its capital. SMC will allocate 5.87 million shares, representing 2.35% of post-IPO capital, to The Company for Cooperative Insurance (Tawuniya) as a cornerstone investor. Institutional offering ended last week, with a coverage ratio of 64.7 times. SMC will be the sixth company to list on TASI this year, following the IPOs of Derayah Financial on Feb. 20, Arabian Company for Agricultural & Industrial Investments (Entaj) on Feb. 26, Umm Al Qura for Development and Construction Co. (Masar) on May 5, United Carton Industries Co. (UCIC) on May 12 and Flynas Co. on May 28. Tadawul witnessed 14 IPOs last year, following listings by Middle East Pharmaceutical Industries Co. (Avalon Pharma) on Jan. 30, Modern Mills for Food Products Co. on March 5, Miahona Co. and Dr. Soliman Abdulkader Fakeeh Hospital Co. (Fakeeh Care) on May 21, Saudi Manpower Solutions Co. (SMASCO) on May 26, Al Taiseer Group Talco Industrial Co. (TALCO) on May 28, Rasan Information Technology Co. on May 29, Almajed for Oud Co. on Sept. 15, Arabian Mills Co. on Sept. 18, Fourth Milling Co. (MC4) on Oct. 2, Tamkeen Human Resources Co. on Nov. 5, United International Holding Co. on Nov. 19, Almoosa Health Co. on Dec. 23 and Nice One Co. on Dec. 24. Key background Founded in 1994, SMC is a closed joint stock company headquartered in Riyadh. It focuses on developing, managing, and operating multi-specialty general hospitals, which provide primary, secondary and tertiary healthcare services. According to its articles of association, the company's activities include the retail sale of pharmaceutical and medical products, cosmetics, and toiletries in specialized stores, warehousing, and other food service activities, hospitals, and other human health services. The company's current capital stands at SAR 250 million, divided into 250 million shares with a nominal value of SAR 1 per share. It runs two hospitals in Riyadh: SMC (1) on King Fahd Road and SMC (2) on King Abdullah Road. Three more hospitals are under development in the capital city.
Zawya
11-06-2025
- Business
- Zawya
Fitch expects M&A activity to accelerate in Saudi insurance sector
RIYADH — Fitch Ratings expects the pace of mergers in the Saudi insurance sector to accelerate over the next two years. Fitch based its forecast on new regulatory capital requirements and weak profitability in underwriting premiums amid intense price competition. Fitch said that some smaller insurers may struggle to meet these requirements or maintain profitability, and may merge with or be acquired by larger insurers as a result. The insurance market in Saudi Arabia is dominated by a few large companies, such as Tawuniya and Bupa Arabia, with their combined market share reaching 52% in 2024. © Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (
