Salama submits rights issue application to CMA

Logo of Salama Cooperative Insurance Co.

Salama Cooperative Insurance Co. submitted on Feb. 12, a rights offering application to the Capital Market Authority (CMA) to raise capital to SAR 200 million from SAR 100 million.

Any future updates will be announced in due course, the company said in a statement to Tadawul.

In August 2022, Salama’s board of directors proposed increasing capital by SAR 200 million, through a rights issue, Argaam reported. In November, the insurance services provider’s board changed this recommendation to raise capital by SAR 100 million.

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