Riyadh – Mubasher: The board of Salama Cooperative Insurance Company has recommended reducing the company’s capital by 60% from SAR 250 million to SAR 100 million.
By cancelling 15 million shares, the number of shares will decrease from 25 million shares to 10 million shares after the capital cut, according to a filing to the Saudi Exchange (Tadawul) on Thursday.
The board attributed the capital reduction recommendation to offset the company’s accumulated losses.
It is worth noting that in the first half (H1) of 2021, the Saudi listed firm recorded net profits before Zakat worth SAR 2.75 million, a 62% annual drop from SAR 7.29 million.
