Salama to vote on board dismissal on June 16

Salama Cooperative Insurance Co.'s (Salama) shareholders will vote on dismissing the current board directors on the ordinary general meeting (OGM) slated for June 16, the company said in a bourse statement.

This will come upon the request of a shareholder owning more than 5% of capital.

Shareholders will also elect a new board of directors for the coming board term starting June 16, 2020, in case the board directors were dismissed.

Other agenda items will be discussed during the meeting including discharging board members from liability for FY ending Dec. 31, 2019.

In September, Salama received a request from a major shareholder, who owns over 5% of the company's capital, to hold a general meeting to vote on dismissing four board members. In February, the company received a new request from a major shareholder, who owns over 5% of the company's capital, to hold a general meeting to vote on dismissing the existing board of directors.