Salama board amends capital hike recommendation to SAR 100 mln

Logo of Salama Cooperative Insurance Co.

Salama Cooperative Insurance Co.’s board of directors decided to modify its recommendation to increase the company’s capital through rights issue, from SAR 200 million to SAR 100 million, according to a statement to Tadawul.

This means that the company’s new capital shall be SAR 200 million.

In a separate statement, Salama announced that it appointed Alawwal Capital as financial advisor for the rights issue offer.

The insurer pointed out that it will file its request to increase capital to the Capital Market Authority and will announce any future developments in this regard.

According to the data available on Argaam, Salama Insurance’s board of directors recommended in August to increase the capital by offering rights issue by SAR 200 million.

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