Salama Insurance BOD recommends Increasing Capital to SR300 mln through Rights Issue

Salama Cooperative Insurance Company announced on Wednesday the recommendation of the Board of Directors to increase the company’s capital by 200,000,000 through a rights issue so that the new capital becomes SR300,000,000.
It added that the date of Board Meeting is 16.08.2022. The Target Amount is SR 200,000,000.
It also added that the reasons for the increase Supporting the company’s future plan and supporting the solvency margin
Shareholders holding shares on the date of the Extraordinary General Assembly meeting in which capital increase through the issuance of right issues was resolved whose names so appear in the register of the Issuer’s Shareholders at the Depository Center at the end of the second trading day following the date of the General Assembly’s Meeting.
It explained that the capital increase is subject to Saudi Central Bank and Capital Market Authority and other regulatory authorities approvals in addition to the approval of the company’s Extraordinary General Assembly
It concluded that the announcements will be made later upon appointing a financial advisor for offering, as well as upon submitting the request for capital increase to the Capital Market Authority for approval.