Salama board recommends capital hike via SAR 100 mln rights issue

18/03/2024 Argaam
Logo ofSalama Cooperative Insurance Co.

Logo of  Salama Cooperative Insurance Co.

Salama Cooperative Insurance Co.’s board of directors recommended today, March 18, to increase the company’s capital through a SAR 100 million rights issue, according to a statement to Tadawul.

 

This capital increase aims to meet the Insurance Authority’s (IA) minimum capital requirements within the specified period.

 

Shareholders of record on the extraordinary general meeting (EGM) date, during which the capital increase is approved, and those registered with Edaa on the second day of trading following the EGM, will be eligible for the increase.

 

The capital top-up recommendation will be subject to the approval of the regulatory authorities and the EGM.

 

A financial advisor will be appointed, and any relevant updates will be duly revealed, the statement added.

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