Riyadh – Mubasher: Al Sagr Cooperative Insurance Company has named Majid Abdullah Al Seri as the board’s new Chairman, according to a bourse disclosure.
The Saudi listed firm also appointed Abdul Mohsen Nafez Jaber as the Vice Chairman, while Yasser Mohammed Al Harbi was announced as the new Managing Director.
Meanwhile, the three officials assumed their new roles for the current board term that began on 16 June 2020 and will remain in position until 15 June 2023.
At the beginning of September 2022, the firm’s board recommended a 65% capital reduction to SAR 140 million from SAR 400 million.
Through the capital cut, Al Sagr Cooperative Insurance aims to offset accumulated losses worth SAR 259.28 million as of 30 June 2022.
