Logo of Salama Cooperative Insurance Co.
Shareholders of Salama Cooperative Insurance Co. will vote on whether to proceed with capital hike measures, during the extraordinary general meeting (EGM) scheduled for Dec. 15, the insurer said in a statement to Tadawul.
If the capital increase proposal is not approved, shareholders will vote on dissolving the company after obtaining the regulatory approvals.
If shareholders give the go-ahead for the planned capital hike after getting the necessary approvals, and subscription to the entire capital increase has not taken place within 90 days from the EGM’s decision date, Salama will enter into financial restructuring procedures, the statement added.
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