Al Ahlia for Cooperative Insurance Co. on Wednesday submitted its request to cut capital through a rights issue to the Capital Market Authority (CMA), the company said in a bourse statement.

 

Any updates regarding the capital cut and the following capital hike processes will be announced in a timely manner, the statement added.

 

In March, the insurer’s board of directors recommended a 23.13 percent capital cut to offset accumulated losses followed by a capital hike through a SAR 127 million rights issue.

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