| Element List |
Explanation |
| Introduction |
SALAMA Cooperative Insurance Company announces the Board of Directors' recommendation to increase the company's capital by offering rights issues by SAR 100,000,000 for a new capital of 300,000,000 |
| Date of Board Meeting |
2024-03-18 Corresponding to 1445-09-08 |
| Target Amount |
100,000,000 |
| Reasons for the increase |
To meet the minimum capital according to the requirements of the Insurance Authority and the specified time period for that |
| Eligibility date |
Shareholders holding shares on the date of the Extraordinary General Assembly meeting in which capital increase through the issuance of right issues was resolved whose names so appear in the register of the Issuer’s Shareholders at the Depository Center at the end of the second trading day following the date of the General Assembly’s Meeting. |
| Approvals |
The company's capital increase is subject to the approval of the Insurance Authority, the Capital Market Authority and other relevant regulatory authorities in addition to the approval of the extraordinary general assembly of the company |
| Appointment of Financial Advisor and Submission of the Capital Increase Application File to CMA |
It will be announced later upon the appointment of a financial advisor for the offering as well as when submitting the capital increase application file to the Capital Market Authority |
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