Al Sagr Insurance seeks shareholders’ approval to cut capital by 65%

RIYADH: Al Sagr Cooperative Insurance Co. invited its shareholders to approve a proposal to reduce capital by 65 percent.

The Saudi insurer aims to reduce its capital from SR400 million ($106 million) to SR140 million, according to a bourse filing.

The company is restructuring its capital in order to write off accumulated losses of SR260 million, it said.