Salama receives major shareholder’s request for board dismissal

Salama Cooperative Insurance Co. received a new request from a major shareholder, who owns over 5% of the company's capital, to hold a general assembly meeting to vote on dismissing the existing board of directors.

The company added, in a bourse filing on Sunday, that the request is subsequent to a previous one submitted in September 2019 for dismissing 4 board members.

Read more: Salama receives shareholder's request to vote on dismissing 4 board members

The insurer is taking the required procedures to hold a general assembly meeting and elect a new board, if shareholders vote for dismissing the existing one.

Salama will announce later on the date and agenda of the general assembly, the statement noted.