Saudi Central Bank Reduces Capital of Salama Insurance to SR100 mln

The Salama Cooperative Insurance Company announced on Monday it has received on 22/05/2022 the Saudi Central Bank letter No.43089045 containing the approval of the Saudi Central Bank to reduce the Company’s Capital by SR150 million, so that the company’s capital after the reduction would be SR100 million.

Also, the approval of the Saudi Central Bank to use the entire statutory reserve balance to cover part of the accumulated losses. In addition, approved the amendment of the capital article in the company’s articles of association.

The company will continue to fulfil all the requirements of the other official authorities, and will announce any future updates in this regard if available.

This comes with reference to the Announcement of Salama Cooperative Insurance Company regarding the Board of Directors’ Recommendation to reduce the Company’s Capital.