Logo of Salama Cooperative Insurance Co.
Salama Cooperative Insurance Co.’s board of directors proposed, on Aug. 16, increasing capital by SAR 200 million to SAR 300 million, through a rights issue, according to a bourse statement.
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Rights Issue Highlights |
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Current Capital |
SAR 100 mln |
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Number of Shares |
10 mln |
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Percentage of Increase (%) |
200% |
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New Capital |
SAR 300 mln |
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Capital Increase |
SAR 200 mln |
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Method |
Rights Issue |
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Reason |
Supporting the company’s future plans and solvency margin |
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Record Date |
Shareholders of record on the extraordinary general meeting (EGM) date and those registered with the Securities Depository Center (Edaa) at the end of the second trading day following the EGM date |
The capital hike is subject to the approvals of the Saudi Central Bank (SAMA), the Capital Market Authority (CMA) and other regulatory authorities, in addition to the EGM.
The insurer will make an announcement upon appointing a financial advisor for the offering, as well as submitting the capital increase request to the CMA for approval.
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