Salama narrows accumulated losses to 30.03% of capital

Salama Cooperative Insurance Co. has narrowed its accumulated losses to SAR 75.82 million, or 30.03 percent of its capital, following a SAR 150 million rights issue held in July, the Saudi Stock Exchange (Tadawul) said in a bourse statement Previously, the company’s losses had reached 50 percent.

As a result of this development, Tadawul will place the insurer’s stock on a trading halt for two hours after market opening on Monday, in order to remove the accumulated losses mark from the exchange’s website.