Riyadh – Mubasher: The Capital Market Authority (CMA) approved Malath Cooperative Insurance and Reinsurance's request to decrease its capital.

The company's capital will be reduced from SAR 300 million to SAR 120 million so that the number of shares would decrease from 30 million to 12 million shares.

The approval is subject to the agreement of the extraordinary general meeting and completion of the regulatory procedures and requirements of regard, according to a bourse filing on Thursday.

On 13 December, the firm announced that the Saudi Arabian Monetary Agency (SAMA) approved decreasing the company's capital by 60% (or SAR 180 million).

The company's accumulated losses reached SAR 210.64 million by the end of January, representing 70.2% of the company’s capital.