Riyadh-Mubasher: Arabia Insurance Cooperative filed with Capital Market Authority (CMA) for cutting SAR 135 million of its capital, according to a bourse filing.

The filing said further updates will be disclosed when available.  

On 5 November, the board proposed reducing the company’s capital by 33.75% or SAR 135 from SAR 400 million to SAR 265 million, the insurer said in a bourse statement on Sunday.

The company obtained an approval from Saudi Arabian Monetary Agency (SAMA) to reduce the capital.