United Cooperative Assurance Co.’s (UCA) board of directors has recommended a 18.4 percent capital cut to SAR 400 million from SAR 490 million (one share for every 5.44 outstanding shares), the insurer said in a statement to the Saudi bourse.
The capital reduction is conditional upon obtaining regulatory approvals.
UCA’s liabilities will not be affected by the capital cut, the company said, adding that the financial advisor for the process will be announced at a later date.
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Capital Reduction Details |
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Current Capital |
SAR 490 mln |
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Number of shares |
49 mln shares |
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Capital cut percent |
18.4% (One share for every 5.44 shares) |
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New capital |
SAR 400 mln |
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New number of shares |
40 mln shares |
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Method of capital cut |
Cancelling 9 mln shares |
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Reasons |
Restructure capital as per new company law |
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