Salama gets SAMA approval on 3-month extension for capital hike

Logo of Salama Cooperative Insurance Co.

Salama Cooperative Insurance Co. received, on May 18, the Saudi Central Bank’s (SAMA) consent on a three-month extension to its previous approval on capital increase via rights issue.

In a statement to Tadawul, the company pointed out that all the other relevant competent authorities’ requirements will be duly fulfilled.

In August 2022, Salama’s board of directors proposed increasing capital by SAR 200 million to SAR 300 million, through a rights issue. The board later decided to modify its recommendation from SAR 200 million to SAR 100 million increase, Argaam reported.

SAMA approved the request received from the insurer, noting that the approval was valid for six months from its date to complete the capital raise procedures.

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