Riyadh – The Capital Market Authority (CMA) has greenlighted Salama Cooperative Insurance Company’s request to shrink its capital by SAR 150 million.
Subject to the extraordinary general meeting’s (EGM) approval, the insurer will reduce its capital from SAR 250 million to SAR 100 million, according to bourse disclosure.
The new capital will be distributed over 10 million shares, compared to 25 million shares prior to the cut.
Salama Cooperative Insurance submitted the capital reduction request to the CMA on 25 May 2022 after the board recommended the 60% capital cut to offset accumulated losses last March.
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