Salama Cooperative Insurance Co. concluded, on Aug. 25, the sale of fractional shares resulting from the company’s capital cut, which was approved by the extraordinary general meeting (EGM) on Aug. 16.
The insurer sold 1,271 shares at an average price of SAR 26 each, totaling SAR 33,052.
The company deposited the share sale proceeds in shareholders' accounts on Sept. 18.
Shareholders approved, on Aug. 16, the board’s recommendation on a 60% capital decrease from SAR 250 million to SAR 100 million.
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