Riyadh – Mubasher: Saudi Capital Market Authority (CMA) approved the capital reduction of Amana Cooperative Insurance from SAR 320 million to SAR 140 million.
CMA said that its approval is subjected to the approval of the company's general assembly and the completion of the necessary procedures in relation to the applicable regulations, according to a bourse filing on Sunday.
In October, Amana received Saudi Arabian Monetary Agency (SAMA) approval on the capital cut.
The company's board has recommended earlier decreasing the capital by 1.125:2, representing 56.25% of capital.
Amana aims to restructure its capital to be in accordance with the New Companies Law, according to a bourse filing on Wednesday.
