Riyadh – Mubasher: Saudi Re for Cooperative Reinsurance Co. on Tuesday submitted a request to reduce its capital to the Capital Market Authority (CMA) of Saudi Arabia.
On 2 August, Saudi Re obtained the approval from the Saudi Arabian Monetary Authority (SAMA) to decrease its capital by SAR 196 million to reach SAR 804 million.
The Saudi Re appointed FALCOM Financial Services to be an advisor for the capital reduction.
In May, the insurance firm’s board of directors recommended to decrease its capital by 19.6% aiming to restructure it, offset accumulated losses, and support the company’s future growth.
Saudi Re’s stock shed 0.6%, closing at SAR 6.89 on Tuesday.
