Al Ahlia for Cooperative Insurance Co.’s shareholders are set to vote on a 23.13 percent capital cut to SAR 123 million from SAR 160 million, on August 5, 2019.
The process aims to restructure the company’s capital, offset accumulated losses and support future growth.
In March, the insurer’s board of directors recommended a 23.13 percent capital cut to offset accumulated losses followed by a capital hike through a SAR 127 million rights issue.
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Key Figures of Capital cut |
|
|
Current Capital |
SAR 160 mln |
|
Number of shares |
16 mln shares |
|
Cut (%) |
23.13% (1 for every 4.324 shares) |
|
New Capital |
SAR 123 mln |
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New number of shares |
12.3 mln shares |
|
Method |
Writing off 3.7 mln shares |
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Deriver |
To restructure the company’s capital , offset accumulated losses and support future growth. |
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