Al Sagr Cooperative Insurance, capital increase

The board of directors of Al Sagr Cooperative Insurance has proposed a 60% increase inthe share capital of the company from 250 million SAR (66.7 million USD) to 400 million SAR (107 million USD). The transaction remains subject to the approval of the shareholders and the competent authorities.

The Saudi insurer has also signed a memorandum of understanding with Walaa Insurance Cooperative for a future merger.

In 2017, the company posted a net profit before zakat of 20.8 million SAR (5.55 million USD), down by 87.5% compared to 2016.

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