Riyadh – Mubasher: Gulf Union Cooperative Insurance received Saudi Arabian Monetary Agency (SAMA) approval on Tuesday on decreasing its capital.
SAMA approved reducing the company's capital from SAR 90 million to the sum by which the company can offset its accumulated losses completely.
The decrease is subjected to meeting the requirements of the other official bodies according to the systems and regulations, according to a bourse filing.
The company's board proposed reducing capital by nearly 40.9% (SAR 90 million) to SAR 130 million from SAR 220 million.
