Riyadh – Mubasher: The extraordinary general meeting (EGM) of Amana Cooperative Insurance approved a capital reduction from SAR 320 million to SAR 140 million.
The company's board had earlier recommended decreasing the capital by 1.125:2, representing 56.25% of its capital.
Amana aims to restructure its capital in accordance with the New Companies Law. There is no financial impact for the capital decrease on the company's financial obligations, according to a bourse filing on Monday.
The capital reduction decision will be valid for the shareholders of record at the end of the EGM.
The Saudi-listed firm noted that 18 million shares will be cancelled, so that the total number of shares will decrease from 32 million to 14 million at a nominal value of SAR 10 per share.
In October, Amana received the Saudi Arabian Monetary Agency's (SAMA) approval on the capital cut.
