Riyadh, Saudi Arabia— Al Sagr Cooperative Insurance Co. is looking to reduce its capital by 65 percent and in this regard it has invited shareholders to approve the move.
The Saudi insurer aims to reduce its capital from $106 million to $37.33 million, according to a bourse filing.
The company is restructuring its capital in order to write off accumulated losses of $69.33 million, it said.
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