Mubasher: Malath Cooperative Insurance and Reinsurance will hold its extraordinary general meeting (EGM) on Sunday, 12 March, to overview the board’s recommendation of decreasing its capital by 60%.
The shareholders will discuss reducing the capital to SAR 120 million from SAR 300 million, as part of restructuring the company’s capital baseline to keep pace with the new system applied in the firm, according to a bourse statement issued on Sunday.
Malath will cancel 18 million shares or 1.8 shares per each three shares, shrinking the overall shares to 12 million from 30 million.
No financial impact will affect the company’s financial statements as a result of the capital cut, which will be subject to the approval of the entitled shareholders.
