Amana Cooperative Insurance Co. on Wednesday submitted its application to reduce capital to the Saudi Arabian Monetary Agency (SAMA), the kingdom's central bank, the insurer said in a statement to Tadawul.
Amana added that after completing the reduction process, the insurer will hike its capital through a SAR 100 million rights issue to boost its solvency margin and support future activities.
Amana’s board of directors had earlier recommended a 56.25 percent capital reduction to SAR 140 million, according to Argaam data.
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