CMA green lights Amana Insurance’s capital cut

The Capital Market Authority (CMA) approved a request by Amana Cooperative Insurance Co. to reduce its capital to SAR 130 million from SAR 240 million, the market regulator said in a statement today, March 18, 2021.

Accordingly, the number of shares will be reduced from 24 million to 13 million.

The CMA nod is conditional on the company’s extraordinary general assembly approval and completion of necessary procedures.

In December 2020, Amana Insurance’s board of directors recommended reducing the company’s capital to SAR 130 million from SAR 240 million, a 45.8% decrease through cancelling 11 million shares, Argaam reported.