Salama gets IA approval on capital hike via rights issue

03/06/2024 Argaam
Logo ofSalama Cooperative Insurance Co.

Logo of  Salama Cooperative Insurance Co.

Samala Cooperative Insurance Co.  received on June 2 the Insurance Authority's (IA) approval on its request to raise capital from SAR 200 million to SAR 300 million through a SAR 100 million rights issue.

 

The IA's letter stated that the authority has no objection to amending the capital article in the company's articles of association to reflect the new capital and that the approval is valid for one year from its date, according to a statement to Tadawul.

 

For More IPOs

 

There are no costs associated with the event during the current period, and the financial impact, if any, will be announced later, the statement added.

 

In March, Salama’s board recommended a SAR 100 million rights issue to increase capital to SAR 300 million to meet the IA’s minimum capital requirements within the specified period, Argaam earlier reported.

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