Saudi Re applies for CMA approval to cut capital

03/10/2017 Argaam

 

Saudi Re for Cooperative Reinsurance Co. (Saudi Re) submitted today a request for the Capital Market Authority’s (CMA) approval to reduce capital by 19.6 percent, the insurer said in a statement to Tadawul.

 

The company will announce any updates as they occur, it added.

 

In May, Saudi Re’s board of directors proposed reducing capital to SAR 804 million from SAR 1 billion by cancelling 19.6 million shares, in order to restructure capital and offset accumulated losses, Argaam previously reported.

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