Riyadh – Mubasher:  Al-Ahlia Cooperative Insurance said it secured the approval of Saudi Arabian Monetary Agency (SAMA) to reduce its capital by SAR 160 million.

The Saudi insurer stated that it will work on securing the approval and requirements of other regulating bodies, noting that it will announce any further developments.

Earlier, the company’s board recommended to cut the capital by 50% from SAR 320 million to SAR 160 million, in the framework of restructuring the company’s capital.