Riyadh - The board of Al Sagr Cooperative Insurance Company has suggested to reduce the capital by 65% through the cancellation of 26 million shares, according to a recent bourse disclosure.

The new capital will stand at SAR 140 million distributed over 14 million shares, compared to SAR 400 million and 40 million shares prior to the cut.

Meanwhile, the capital decrease proposal aims to amortise 100% of the firm’s SAR 259.28 million accumulated losses that were registered as of 30 June 2022.

Al Sagr Cooperative Insurance pointed out that the capital reduction will not affect its financial obligations.

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