Logo of Salama Cooperative Insurance Co.
Salama Cooperative Insurance Co. submitted, on May 25, a request for capital reduction to the Capital Market Authority (CMA), according to a bourse filing.
Any future developments will be disclosed in due course.
In March, the company’s board of directors recommended a capital reduction by 60% to SAR 100 million from SAR 250 million. The insurer received the Saudi Central Bank’s (SAMA) approval on May 22.
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