Salama submits capital reduction application to CMA

Logo of Salama Cooperative Insurance Co.

Salama Cooperative Insurance Co. submitted, on May 25, a request for capital reduction to the Capital Market Authority (CMA), according to a bourse filing.

Any future developments will be disclosed in due course.

In March, the company’s board of directors recommended a capital reduction by 60% to SAR 100 million from SAR 250 million. The insurer received the Saudi Central Bank’s (SAMA) approval on May 22.