Riyadh – Mubasher: Salama Cooperative Insurance Company has submitted a request to the Capital Market Authority (CMA) on 25 May to decrease its capital.

The Saudi listed firm noted that it will disclose any further details regarding the capital reduction process once available, according to a bourse disclosure on Thursday.

It is worth noting that last March, the company’s board proposed to shrink its capital from SAR 250 million to SAR 100 million.

The board recommended the 60% capital cut to offset the company’s accumulated losses.