Riyadh – Mubasher: Salama Cooperative Insurance Company has obtained the Central Bank of Saudi Arabia’s (SAMA) approval to increase the capital by SAR 100 million.

The insurer will offer primary rights shares to raise the capital from SAR 100 million to SAR 200 million riyals, according to a bourse disclosure.

Salama Cooperative will still make an announcement when submitting its capital increase application file to the Capital Market Authority (CMA) for approval.

In July 2022, the CMA passed the company’s request to shrink its capital by SAR 150 million to SAR 100 million, after the board members had proposed a 60% capital reduction.