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Salama says accumulated losses below 50% of capital

Salama says accumulated losses below 50% of capital
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SALAMA
8050
-13.27% 29.75 -4.55

Riyadh-Mubasher: Salama Insurance said its accumulated losses reached SAR 75.82 million, representing 30.3% of capital. 

The decline in losses was due to increasing capital to SAR 250 million through offering rights issue shares, the insurer said in a filing to Saudi bourse on Sunday.

Salama earlier said that 13.81 million shares were bought at a total value of SAR 138.1 million during the first and second phases of its rights issue, with a coverage ratio of 92%.