Riyadh –  The Capital Market Authority (CMA) greenlighted Al Sagr Cooperative Insurance Company’s request to decrease its capital to SAR 140 million from SAR 400 million, according to a bourse filing.

The new capital will be distributed over 14 million shares, lower by 26 million than 40 million shares prior to the cut.

In a separate bourse disclosure, the CMA approved to increase Tihama Advertising and Public Relations Company's capital through a rights issue worth SAR 350 million.

Last September, Al Sagr Cooperative submitted the 65% capital reduction request to the CMA.

In February 2022, Tihama obtained a regulatory nod from the CMA to reduce its capital by SAR 125 million to SAR 50 million from SAR 175 million.

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