Al Sagr Cooperative Insurance to reduce its share capital

Al Sagr Cooperative Insurance has obtained the approval of the Saudi Capital Market Authority (CMA) to reduce its share capital by 65%. The said amount is set to be lowered from 400 million SAR (106.518 million USD) to 140 million SAR (37.3 million USD).

The new capital will be made up of 14 million shares against the previous 40 million. This operation should enable the Saudi insurer to offset its losses.

The capital decrease is still pending the approval of the company's shareholders and the completion of the regulatory procedures.