SAMA rejects a request by Salama Insurance to increase capital by SAR 120 million

24/04/2014 Tadawul

Saudi Arabian Monetary Authority (SAMA) the kingdom’s central bank, rejected on April 24  a request by Salama Cooperative Insurance Co. to increase capital by SAR 120 million through rights issue as the insurer did not meet the necessary requirements stipulate by SAMA.

 

Salama can still reapply for the capital increase when the requirements are met, the company said in a statement. 

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