Riyadh-Mubasher: Sanad Cooperative Insurance’s board has recommended a capital decrease by 50% to SAR 100 from SAR 200 million, the company said in a statement issued Monday.
Shares will be reduced to 10 million from 20 million, subject to the approval of official authorities and the extraordinary general meeting.
No financial impact will be seen for the company’s liabilities, Sanad noted.
The equity ownership will remain unchanged after decreasing the number of shares.
