RIYADH: Al Sagr Cooperative Insurance Co. received shareholders' approval for the proposal to reduce capital by 65 percent.
The Saudi insurer has announced plans to reduce its capital from SR400 million to SR140 million ($37 million), according to a bourse filing.
The company is restructuring its capital in order to write off accumulated losses of SR260 million, it said.
Al Sagr has been suspended from trading on the Saudi exchange since May due to its failure to announce its financial results in the specified time frame
