Salama says shareholder’s request for board dismissal ‘no longer valid’

Salama Cooperative Insurance Co. said the request submitted earlier by a major shareholder to vote on dismissing the existing board of directors is no longer valid, as board member Mustafa Kheriba had tendered his resignation on Dec. 26, 2020.

No financial impact is expected, Salama clarified in a bourse statement on Thirsday.

In February, 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 the existing board of directors, Argaam reported.

On Dec. 27, the Saudi insurer announced accepting the resignation of non-executive board member Mustafa Ghazi Kheriba from the board and the risk committee for the current term ending July 24, 2022.