Al Sagr Insurance appoints Alinma Investment as advisor for capital cut

07/09/2022 Argaam
Logo of Al Sagr Cooperative Insurance Co.

Logo of Al Sagr Cooperative Insurance Co.

Al Sagr Cooperative Insurance Co. announced the appointment of Alinma Investment as financial advisor to manage its capital reduction, according to a bourse statement.

 

The company will announce further details upon submitting the capital reduction file to the Saudi Central Bank (SAMA) and the Capital Market Authority (CMA).

 

The insurer’s board of directors recommended a capital reduction from SAR 400 million to SAR 140 million to offset the accumulated losses, according to data available with Argaam.

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