Salama announces board member resignation to facilitate restructuring

Salama Cooperative Insurance Co. announced the resignation of Murya Habbash, an independent board member, from the board of directors, effective today, June 10, 2020.

The company said in a bourse statement that the resignation will facilitate restructuring of the board according to the request submitted by the main shareholder.

In September 2019, Salama received a request from a major shareholder, who owns over 5% of the company's capital, to hold a general assembly meeting to vote on dismissing four board members, according to data compiled by Argaam.

Later in February, the insurer 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.

Salama’s major shareholders list includes Salama Islamic Arab Insurance Co. which owns 30% stake in Salama or about 7.5 million shares.