Riyadh – Mubasher: United Cooperative Assurance Co on Wednesday said that the Saudi Arabian Monetary Authority (SAMA) approved to reduce the insurance firm’s capital by SAR 90 million to reach SAR 400 million.

In June, the board of directors recommended to decrease the company’s capital by 18.37%, or to SAR 400 million from SAR 490 million to restructure the capital, and to cover accumulated losses.

The stock levelled down 0.97%, closing at SAR 14.26 on Wednesday.