Salama shareholders OK SAR 100 mln rights issue to hike capital

06/11/2023 Argaam
Logo ofSalama Cooperative Insurance Co.

Logo of Salama Cooperative Insurance Co.

Shareholders of Salama Cooperative Insurance Co. gave the go-ahead for increasing the company’s capital to SAR 200 million by issuing SAR 100 million rights shares.

 

The approval was granted during the extraordinary general meeting (EGM) held on Nov. 5, the company said in a statement to Tadawul.

 

Rights Issue Highlights

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

Issue and list 10 mln ordinary shares (one share for every share held).

Reason

Support the company’s future plans and solvency margin.

Eligibility

Nov. 5, 2023 (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).

 

The daily trading fluctuation limit after its capital increase will be based on a share price of SAR 21.12 as of today, Nov. 6, the Saudi Exchange (Tadawul) said in a separate statement. The outstanding orders will be cancelled.

 

Rights shares will be deposited in shareholders’ accounts on Nov. 8.

 

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