Logo of Salama Cooperative Insurance Co.
Shareholders of Salama Cooperative Insurance Co. gave the go-ahead for increasing the company’s capital to SAR 200 million by issuing SAR 100 million rights shares.
The approval was granted during the extraordinary general meeting (EGM) held on Nov. 5, the company said in a statement to Tadawul.
Rights Issue Highlights
Current Capital
SAR 100 mln
Current Number of Shares
10 mln
Percentage Increase
100%
New Capital
SAR 200 mln
Capital Increase Value
100 mln
Method of Increase
Issue and list 10 mln ordinary shares (one share for every share held).
Reason
Support the company’s future plans and solvency margin.
Eligibility
Nov. 5, 2023 (Shareholders registered with the Securities Depository Center Company (Edaa) by the close of trading on the second trading day following the date of the EGM).
The daily trading fluctuation limit after its capital increase will be based on a share price of SAR 21.12 as of today, Nov. 6, the Saudi Exchange (Tadawul) said in a separate statement. The outstanding orders will be cancelled.
Rights shares will be deposited in shareholders’ accounts on Nov. 8.
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