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News & Events >> SAMA's Decision regarding Salama Cooperative Insurance Company's Capital Increase Request

Source: SAMA website | 15 Oct 2014

Reference is made to SAMA's announcement dated 23/6/1435H regarding requests received from a number of insurance companies to increase their capitals. Whereas SAMA has rejected Salama Cooperative Insurance Company's request, SAMA would like to announce that Salama Cooperative Insurance Company has submitted a new request. After reviewing its submitted capital increase request and work plan, SAMA has decided to approve the request. However, Salama Cooperative Insurance Company should fulfill other competent authorities' requirements.

SAMA would also like to emphasize that its approval of insurance companies' requests to increase their capitals does not constitute an endorsement of the feasibility of investment in their equities or subscription to their preference shares offerings. Rather, it only means that the necessary requirements to obtain SAMA's approval have been met and the implementation of the work plans is the responsibility of the boards of directors and senior managements of these companies. SAMA calls on all shareholders in such companies to study and analyze the subscription prospectuses issued by them.

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