‎Salama gets SAMA approval on 3-month extension for capital hike

‎Salama gets SAMA approval on 3-month extension for capital hike

Salama Cooperative Insurance Co. received, on May 18, the Saudi Central Bank (SAMA)’s consent on three-month extension of its previous approval on capital increase via rights issue.

In a statement to Tadawul, the company pointed out that all the other relevant competent authorities’ requirements will be duly fulfilled.

In August 2022, Salama Cooperative Insurance Co.’s board of directors proposed increasing capital by SAR 200 million to SAR 300 million, through a rights issue, Argaam earlier reported.

SAMA approved the request received from the insurer, noting that the approval was valid for six months from its date to complete the capital raise procedures.

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