The Board of Directors of Salama Cooperative Insurance Co. has recommended an increase in the company's capital through offer of rights issue
Published: Jun 15, 2014
Source: Tadawul

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The Board of Directors of Salama Cooperative Insurance Co. has recommended an increase in the company's capital through offer of rights issue

Salama Cooperative Insurance Co. announced that the Board of directors has recommended through circular resolution on 12-06-2014 an increase in the company's capital through offering a rights issue with a total value of SAR 150 Millions subject to obtaining the approvals of the competent regulatory authorities and the Extra-ordinary General Assembly on the capital increase and setting the price and number of shares to be issued.

The rights issue is limited to the shareholders who are registered in the shareholders register at the close of trading on the extraordinary general assembly day, which will be determined later by the company after obtaining the regulatory approvals.

The reasons for recommendations are: to maintain the solvency margin of the business and support the future growth of the company. 

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