Salama announces board member resignation to facilitate restructuring

10/06/2020 Argaam

Salama Cooperative Insurance Co. announced the resignation of Murya Habbash, an independent board member, from the board of directors, effective today, June 10, 2020.

 

The company said in a bourse statement that the resignation will facilitate restructuring of the board according to the request submitted by the main shareholder.

 

In September 2019, Salama received a request from a major shareholder, who owns over 5% of the company's capital, to hold a general assembly meeting to vote on dismissing four board members, according to data compiled by Argaam.

 

Later in February, the insurer received a new request from a major shareholder, who owns over 5% of the company's capital, to hold a general assembly meeting to vote on dismissing the existing board of directors.

 

Salama’s major shareholders list includes Salama Islamic Arab Insurance Co. which owns 30% stake in Salama or about 7.5 million shares.

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