Saudi regulator approves ACIG request to cut capital to SAR 141 mln

Saudi Arabia’s Capital Market Authority (CMA) approved a request by Allied Cooperative Insurance Group (ACIG) to reduce its capital from SAR 200 million to SAR 141 million, the market regulator said in a statement on Sunday.

Accordingly, the number of shares will be reduced from 20 million to 14.1 million.

The CMA nod is conditional on the company’s extraordinary general meeting approval and completion of necessary procedures, the statement added.

ACIG board of directors had earlier recommended to reduce capital by SAR 59 million to SAR 141 million from SAR 200 million to offset accumulated losses.

It obtained the approval of the Saudi Arabian Monetary Authority (SAMA) for a 29.5% capital cut.