Salama submits capital increase file to CMA

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

Logo of  Salama Cooperative Insurance Co.

Salama Cooperative Insurance Co. submitted, on June 6, an application to the Capital Market Authority (CMA) to increase its capital from SAR 200 million to SAR 300 million, through a SAR 100 million rights issue, according to a statement to Tadawul.

 

Any fundamental developments in this regard will be duly announced, as per the relevant laws and regulations, the statement added.

 

For More IPOs

 

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

 

The insurer recently obtained the IA’s approval on the process.

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