The General Assembly of “Salama Insurance” approves an increase in capital through the offering of priority rights

Salama Cooperative Insurance Company announced the results of the second extraordinary general assembly meeting, which was held yesterday evening, Wednesday.
According to the company’s statement: Approval of the Board of Directors’ recommendation to increase capital through offering priority rights according to the following:
She added that the total amount of the increase is 100 million riyals, noting that the reason for the capital increase is to meet the minimum requirements of the Insurance Authority.
She explained that the method of increasing the capital: issuing and listing priority rights shares for 10 million ordinary shares at a ratio of (1) share for every (2) shares.
The results of Salama Insurance included: Amending Article Eight (8) of the company’s bylaws, which relates to the company’s capital.
It stated that the date of eligibility in the event of approval of the item is the day of the extraordinary general assembly held in the register of the company’s shareholders with the Securities Depository Center Company (Depository Center) at the end of the second trading day following the date of the extraordinary general assembly.
The results included: approving the amendment of the company’s bylaws in accordance with the new companies’ bylaws, and rearranging and numbering the articles of the bylaws; To comply with the proposed amendments.