SAMA approves United Cooperative’s capital cut request

The Saudi Arabian Monetary Authority (SAMA) approved on Wednesday United Cooperative Assurance Co.’s (UCA) request to cut its capital to SAR 400 million, the insurer said in a statement on Tadawul.

The process is conditional upon fulfilling other regulatory requirements.

UCA’s board of directors recommended in June an 18.4 percent capital cut to SAR 400 million from SAR 490 million (one share for every 5.44 outstanding shares).