Salama Coop Insurance to cut capital

1 min read
  • Salama Cooperative Insurance Company's capital will stand at SAR 100 million
  • The Saudi company’s shares will now reduce from 25 million to 10 million.

Saudi Arabia’s Capital Market Authority (CMA) has approved Salama Cooperative Insurance Company’s request to reduce its capital from SAR 250 million (US$66.6 million) to SAR 100 million (US$26.6 million).

The CMA approval will reduce the number of the company’s shares from 25 million shares to 10 million shares.

The approval is conditional on the Company’s extraordinary general assembly approval and completion of the necessary procedures in relation to the applicable regulations.

Salama Cooperative Insurance Co is required to publish a disclosure document to its shareholders related to the proposed method of capital reduction and the expected effect of such reduction within sufficient time prior to the Extraordinary General Assembly Meeting to enable shareholders to vote on the capital decrease.