Salama Cooperative Insurance Co.’s board of directors decided, on Nov. 3, increasing capital by SAR 100 million to SAR 200 million, through a rights issue, according to a statement said to Tadawul.

 

Rights Issue Highlights

Current Capital

SAR 100 mln

Number of Shares

10 mln

Percentage of Increase (%)

100%

New Capital

SAR 200 mln

Capital Increase

SAR 100 mln

Method

Rights Issue

Reason

Supporting the company’s future plans and solvency margin

Record Date

Shareholders of record on the extraordinary general meeting (EGM) date and those registered with the Securities Depository Center (Edaa) at the end of the second trading day following the EGM date

 

The capital hike is subject to the approvals of the Saudi Central Bank (SAMA), the Capital Market Authority (CMA) and other regulatory authorities, in addition to the EGM.

 

The insurer will make an announcement upon appointing a financial advisor for the offering, as well as submitting the capital increase request to the CMA for approval.

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