Al Ahlia Insurance appoints Falcom to advice on capital cut

14/03/2019 Argaam

 

Al Ahlia for Cooperative Insurance Co. has named Falcom Financial Services Co. as financial advisor for its prospective capital cut, the company said in a bourse statement.

 

Any updates regarding the capital cut and the following capital hike processes will be announced in a timely manner, the statement added.

 

On Wednesday, the insurer’s board of directors recommended a 23.13 percent capital cut to offset accumulated losses followed by a capital hike through a SAR 127 million rights issue.

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