Riyadh – Al Sagr Cooperative Insurance Company submitted a 65% capital cut request to the Saudi Capital Market Authority (CMA), according to a bourse filing on Sunday.

On 6 September, the insurer’s board recommended reducing the company's capital to SAR 140 million from SAR 400 million by cancelling 26 million shares.

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

Al Sagr Cooperative noted it will announce any future updates in this regard.

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