The Board of Directors of Islamic Arab Insurance Company - Salama, has approved the determination of a fixed conversion price of 0.46 dirhams per share for the purpose of converting/exchangeable convertible bonds into new shares in the company, in addition to approving the drafts of the convertible bonds issuance documents and any related appendices, subject to the following conditions:
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Obtaining final approval from the Securities and Commodities Authority (SCA) and the Central Bank regarding the issuance of convertible bonds.
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Issuance of the final fatwa from external and internal Sharia advisors.
Furthermore, the principle was approved that requires the approval of the Company’s General Assembly in relation to any related party matters connected with the issuance of convertible bonds.
