Riyadh – Mubasher: Solidarity Saudi Takaful Company announced on Tuesday receiving a letter from Sanad Al Wakalah Limited Co. requesting the termination of the contract between both companies.
The termination will not have a negative impact on the company, according to a bourse filing.
Solidarity Takaful announced appointing Al Rajhi Capital as a financial advisor for its capital reduction, according to a separate bourse filing on Monday.
The company said it will disclose any future developments in time.
The board of Solidarity recommended on Saturday 3 December reducing the company’s capital by 55% from SAR 555 million to SAR 250 million.
