Riyadh – Mubasher: Al-Ahlia Cooperative Insurance's board recommended decreasing 50% of its capital to SAR 160 million from SAR 320 million, by 1:2.
The capital will be reduced through cancelling 16 million shares, according to a bourse filing on Monday.
The reduction is subject to the approval of the official bodies and the extraordinary general meeting (EGM). In case of their approval, the decision will be applied on all shareholders at the end of trading of the date of EGM.
The company achieved SAR 2,290 losses and its accumulated losses reached SAR 208.56 million by the end of June, representing 65.17% of the current capital.
