Riyadh - Mubasher: Amana Cooperative Insurance announced that it has requested the approval of the Saudi Arabian Monetary Authority (SAMA) to increase its capital.

Any updates regarding the procedure will be announced, the company said in a statement to the Saudi Stock Exchange (Tadawul) on Monday.

The Capital Market Authority (CMA) recently changed the company’s position after its accumulated losses decreased from more than 56% to 22.18%.

In February, Amana’s extraordinary general meeting (EGM) approved reducing the company’s capital from SAR 320 million to SAR 140 million to offset accumulated losses.