Co-operative insurance company Salama announced that it has applied to double the company’s capital to 200 million riyals by offering shares with priority rights to the Saudi Arabian Capital Market Authority.
The company said in a statement on Tadawul Saudi Arabia today, Monday, that it will announce any future developments in this regard at that time.
The Board of Directors of the company recommended to the Board of Directors to increase the capital of the company by issuing 100 million rials of pre-emptive shares, subject to the approval of the relevant authorities and an extraordinary general meeting.
The company has received a no-objection decision from the Central Bank of Saudi Arabia to increase the company’s capital from 100 million rials to 200 million riyals, provided that the company complies with all requirements of other authorities.
