Dubai – Mubasher: The board of the Islamic Arab Insurance Company (Salama) recommended reducing the company’s issued share capital from AED 1.21 billion to AED 790.16 million.

The capital cut aims to write off accumulated losses of AED 398.16 million after canceling the treasury shares as of 30 June 2022, according to a bourse statement on Monday.

The proposal will be presented to the upcoming general assembly meeting (GAM) after obtaining the required regulatory approvals from the Securities and Commodities Authority (SCA) and the Central Bank of the United Arab Emirates (CBUAE).

It is worth noting to mention that during the first quarter (Q1) of 2022, Salama reported net profits attributable to the shareholders worth AED 9.92 million, compared to AED 22.22 million in Q1-21.