Al Sagr shareholders approve 65% capital cut to SAR 140 mln; trading halt continues

Logo of Al Sagr Insurance Co.

Al Sagr Insurance Co.'s shareholders approved decreasing capital by 65% to SAR 140 million from SAR 400 million during the extraordinary general meeting (EGM) held on Oct. 13, the company said in a statement to Tadawul.

Details of Capital Reduction
Current Capital	SAR 400 mln
Number of Shares	40 mln
Reduction (%)	65%
New Capital	SAR 140 mln
New Number of Shares	14 mln
Method	Canceling 26 million shares
Reasons	Writing off 100% of accumulated losses as on June 30, 2022
Date of Reduction	The capital reduction decision, if approved by shareholders, will be enforced on all shareholders registered in the company’s records with the Securities Depository Center (Edaa) by the end of the second trading day following the EGM date

Al Sagr emphasized that there will be no major impact of the capital cut on its financial obligations.

In a separate statement, the Saudi Exchange (Tadawul) said that the Securities Depository Center Co. (Edaa) will reduce the number of shares in the accounts of eligible shareholders on Oct. 18.

Meanwhile, trading on the company’s shares will remain suspended, according to a bourse announcement on June 23.

On June 23, Tadawul suspended again trading on Al Sagr shares for not disclosing its financial statements for the first quarter of 2022 during the specified period, Argaam reported.

The insurer announced the Q1 2022 financial statements in September, but the statements for Q2 are yet to be published.

The company expects to announce Q2 2022 results before the end of October.

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