Al Sagr gets SAMA's nod on 65% capital cut to offset accumulated losses

20/09/2022 Argaam
Logo ofAl Sagr Cooperative Insurance Co.

Logo of Al Sagr Cooperative Insurance Co.

Al Sagr Cooperative Insurance Co. received today, Sept. 20, the approval of Saudi Central Bank (SAMA) on its request to reduce capital by SAR 260 million to SAR 140 million, according to a bourse filing.

 

Al Sagr will continue to meet all the requirements of the official authorities and will announce any future developments in this regard, if any.

 

On Sept. 1, the insurer's board of directors recommended a 65% capital reduction from SAR 400 million to SAR 140 million to offset the accumulated losses, according to Argaam’s data.

 

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