Al Sagr Insurance gets CMA node to cut capital by 65% to $37m

RIYADH: Al Sagr Cooperative Insurance Co. got the Capital Market Authority's nod to cut its capital by 65 percent.

The Saudi insurer aims to reduce its capital from SR400 million to SR140 million ($37 million) in order to reduce its losses, according to a bourse filing.

The final approval is conditional on the extraordinary general assembly’s approval and completion of the necessary procedures.