Saudi's Al Sagr Cooperative submits capital cut request to CMA – ZAWYA
The insurer’s board recommended reducing the company's capital to $37.33mln from $106.66mln by cancelling 26mln shares
Riyadh – Al Sagr Cooperative Insurance Company submitted a 65% capital cut request to the Saudi Capital Market Authority (CMA), according to a bourse filing on Sunday.
On 6 September, the insurer’s board recommended reducing the company's capital to SAR 140 million from SAR 400 million by cancelling 26 million shares.
The capital decrease proposal aims to offset 100% of the firm’s SAR 259.28 million accumulated losses that were registered as of 30 June 2022.
Al Sagr Cooperative noted it will announce any future updates in this regard.
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