Riyadh – Mubasher: Malath Cooperative Insurance and Reinsurance announced Tuesday that the Saudi Arabian Monetary Agency (SAMA) approved decreasing the company's capital by 60% (or SAR 180 million).
Upon this approval, the company will operate with SAR 120 million rather than SAR 300 million according to the frame of capital restructuring and the erase of losses that are mainly incurred by the increase in technical provisions, the company added.
The company will fulfill the other official requirements and comply with relevant regulations and by-laws, Malath concluded.
