Salama appoints Yaqeen Capital as financial advisor for capital cut

Logo of Salama Cooperative Insurance

Salama Cooperative Insurance Co. appointed today, April 5, Yaqeen Capital – previously known as Falcom Financial Services – as a financial advisor to manage its capital reduction process, according to a bourse filing.

The firm will announce in due course the details of submitting the capital decrease application to the Saudi Central Bank (SAMA) and Capital Market Authority (CMA), along with any future developments.

Last month, the company's board of directors recommended a 60% capital cut from SAR 250 million to SAR 100 million, as part of plans for capital restructuring and covering accumulated losses, according to data compiled by Argaam.