Riyadh – Mubasher: Malath Cooperative Insurance and Reinsurance said that it submitted the capital decrease file to the Capital Market Authority (CMA) on Monday.
The company added that any future developments will be announced in time, according to a bourse filing.
On 13 December, the firm announced that the Saudi Arabian Monetary Agency (SAMA) approved decreasing the company's capital by 60% (or SAR 180 million).
Upon this approval, the company will operate with SAR 120 million rather than SAR 300 million according to the frame of capital restructuring and the erase of losses that are mainly incurred by the increase in technical provisions, the company added.
