Riyadh – Mubasher: Sanad Cooperative Insurance’s announced on Monday that it withdrew its increase/ reduction portfolio from the Capital Market Authority (CMA).
The company's move came after it received a note from the financial consultant and coverage manager, Saudi Kuwaiti Finance House, stating its withdrawal from the coverage.
Sanad expects to resubmit its portfolio to the CMA after getting a coverage manager and preparing the required documents, according to a bourse filing.
The insurance company's board has recommended on 15 May a capital decrease by 50% to SAR 100 from SAR 200 million.
