Riyadh – Mubasher: Amana Cooperative Insurance’s board on Tuesday recommended reducing the company’s capital from SAR 320 million to SAR 140 million by 1.125:2, representing 56.25% of capital.
The company aims to restructure its capital to be in accordance with the New Companies Law, according to a bourse filing on Wednesday.
The number of shares will be reduced from 32 million to 14 million, through cancelling 18 million shares.
There will be no financial impact for the reduction on the company, the statement said.
The insurance company’s board also proposed re-increasing the capital through right issue of SAR 100 million to boost the solvency margin and support the company’s future growth activity.
