Logo of Salama Cooperative Insurance Co.
It plans to offer 10 million shares at SAR 10 each, raising capital by 50% from SAR 200 million to SAR 300 million.
The company aims to use the proceeds to support future plans, strengthen its solvency margin, meet minimum capital requirements, and increase the statutory deposit.
Shareholders will vote on the board’s recommendation to increase capital during the extraordinary general meeting (EGM) to be held on Oct. 24.
The Capital Market Authority (CMA) approved late last month Salama’s request to top-up capital through a rights issue.
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Capital Increase Details |
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Current Capital |
SAR 200 mln |
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Number of Shares |
20 mln |
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Capital Hike (%) |
50% |
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New Capital |
SAR 300 mln |
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New Number of Shares |
30 mln |
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Rights Issue Details |
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Offered Shares |
10 mln |
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Offer Price |
SAR 10 |
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Issue Size |
SAR 100 mln |
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Eligibility Ratio |
1 right per each two existing shares |
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Proceeds (SAR mln) |
Bank deposits |
87.5 |
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Statutory deposit increase |
7.5 |
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Offering costs |
5 |
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Additional Information |
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Financial Advisor, Lead Manager & Underwriter |
Alawwal Capital |
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Co-Underwriter |
Al-Nefaie Investment |
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