United Assurance says losses drop below 50% of capital

United Cooperative Assurance said on Tuesday that its accumulated losses fell to SAR 151 million representing 30.8 percent of its capital​, ​the company said in a filing to Tadawul, Saudi Arabia’s bourse.

The insurer’s SAR 210 million rights issue helped extinguish its losses.

​From Feb. 24 to March 16​,​ the company offered 21 million shares at SAR 10 per share to raise its capital from SAR 280 million to SAR 490 million, according to data compiled by Argaam.