Salama Cooperative Insurance to reduce its share capital

Salama Cooperative Insurance has been granted the approval of the Saudi Capital Market Authority (CMA) to reduce its share capital by 60%. The latter will go from 250 million SAR (66.6 million USD) to 100 million SAR (26.6 million USD).

The new capital will be made up of 10 million shares against 25 million previously.

The transaction will allow the Saudi insurer to offset the accumulated losses which stood at 158.8 million SAR (42.3 million USD) as at 31 December 2021.

The share capital reduction is subject to the approval of the company's shareholders.