Riyadh – Mubasher: Saudi Arabian Monetary Agency (SAMA) approved on Sunday the capital reduction of Amana Cooperative Insurance from SAR 320 million to SAR 140 million.
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.
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.
