Riyadh-Mubasher: Arabia Insurance Cooperative Co. on Tuesday obtained the approval of Saudi Arabian Monetary Agency (SAMA) to reduce capital by SAR 135 million to SAR 265 million from SAR 400 million, the company said in a statement to the Saudi bourse.

The company should fulfill all relevant requirements with other competent authorities, the statement added.

In November, the board recommended reducing capital by SAR 135 million.