Al Sagr submits capital cut file to CMA

Logo of Al Sagr Cooperative Insurance Co.

Al Sagr Cooperative Insurance Co. submitted on Sept. 21 the application file to reduce the company's capital to the Capital Market Authority (CMA) for approval. 

The company will announce any future developments in this regard later, it said in a statement to Tadawul. 

The insurer’s board of directors recommended a capital cut of 65% from SAR 400 million to SAR 140 million to offset its accumulated losses, Argaam reported.

Last week, the company received the approval of Saudi Central Bank (SAMA) on its request to reduce capital by SAR 260 million to SAR 140 million.