Arabia Insurance placed on two-hour trading halt after slashing losses

Saudi Arabia’s Capital Market Authority (CMA) said on Sunday morning that it will place a two-hour trading halt on the shares of Arabia Insurance Cooperative after the company reported that its accumulated losses declined to 33.6 percent of its capital.

Orders on the stock will resume 12:30 p.m. Saudi time. The market regulator will also change the insurer’s status on Tadawul’s website.

Arabia Insurance said its losses declined from 50 percent of its capital to 33.6 percent, or SAR 134.4 million after it raised its capital to SAR 400 million.
 

Argaam had earlier reported that the insurer doubled its capital from SAR 200 million to SAR 400 million through the issuance of 20 million shares at SAR 10 per share.