Edaa implements procedures to reduce Al Sagr capital

18/10/2022 Argaam

Edaa implements procedures to reduce Al Sagr capital

Logo of Al Sagr Cooperative Insurance Co.

The Securities Depository Center Co. (Edaa) reduced today, Oct. 18 the quantity of shares in the accounts of Al Sagr Cooperative Insurance Co.'s eligible shareholders, according to a statement on Tadawul.

 

On Oct. 13, shareholders approved reducing capital by 65% to SAR 140 million from SAR 400 million, Argaam reported.

 

On June 23, Tadawul suspended trading on Al Sagr shares for not disclosing its financial statements for the first quarter of 2022 during the specified period.

 

The insurer announced Q1 2022 financial statements in September, but the statements for Q2 are yet to be published.

 

The company expects to announce Q2 2022 results before the end of October.

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