Salama shareholders to vote on SAR 100 mln capital hike via rights issue on Nov. 5

15/10/2023 Argaam

Salama shareholders to vote on SAR 100 mln capital hike via rights issue on Nov. 5

Logo of Salama Cooperative Insurance Co.

Salama Cooperative Insurance Co.’s shareholders will vote in an extraordinary general meeting (EGM) on Nov. 5 on increasing capital to SAR 200 million by issuing rights shares worth SAR 100 million, according to a statement to Tadawul.

 

Rights Issue Details

Current Capital

SAR 100 mln

Current Number of Shares

10 mln

Percentage Increase

100%

New Capital

SAR 200 mln

Capital Increase Value

100 mln

Method of Increase

Issuance and listing of 10 mln normal shares (one share for every share held).

Reason

Supporting the company’s future plans and solvency margin.

Eligibility

The increase will be limited to the shareholders registered with the Securities Depository Center Company (Edaa) by the close of trading on the second trading day following the date of the EGM.
 

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