Solidarity won’t hike capital, says CEO

Solidarity Saudi Takaful Co.’s board of directors does not plan to increase the company’s capital after reducing it, as the current capital is sufficient, chief executive Badr Al Anzi told Al Arabiya TV.

Solidarity announced earlier this month that its accumulated losses had dropped below 50 percent, as it made a SAR 25 million profit, or 10 percent of its capital, mainly due to its 55 percent capital cut.

The insurer reduced its capital on March 8, 2017 to SAR 250 million from SAR 555 million (cancelling one share for every 1.82 outstanding shares).