Salama Insurance gets regulatory approval for capital raise

28/04/2015 Argaam

Salama Cooperative Insurance has received approval from Saudi Arabia’s market regulator, the Capital Market Authority (CMA), for its request to raise its capital through a SAR 150 million rights issue.

 
Eligibility for bonus shares is limited to shareholders that are listed on the company’s registry at the end of trading on the day of the extraordinary general assembly.
 

Last June, the insurer’s board recommended ​a ​SAR 150 million rights issue to raise its capital. Salama said the objective is to enhance solvency margin and support the company’s future investments, according to data compiled by Argaam.

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