‎Al Sagr Insurance’s board proposes 65% capital cut to offset accumulated losses

‎Al Sagr Insurance’s board proposes 65% capital cut to offset accumulated losses

Al Sagr Cooperative Insurance Co.’s board of directors recommended on Sept. 1 a 65% capital reduction from SAR 400 million to SAR 140 million to offset the accumulated losses, according to a bourse filing.

The Saudi-listed insurer ruled out any relevant material impact on its financial obligations, the statement added.

The capital cut is pending the approval of the competent authorities, and the EGM. The insurer will further announce the appointment of the financial advisor and will file for the approval of the Capital Market Authority (CMA).