Amana Insurance receives SAMA approval to cut capital by SAR 110 mln

Amana Cooperative Insurance Co. received on Jan. 25, 2021, the Saudi Central Bank’s (SAMA) approval to reduce the company’s capital by SAR 110 million to SAR 130 million, the firm said in a statement to Tadawul. 

The company will continue to fulfil all requirements of the other official authorities, and will announce any future updates.

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 (one share for every 2.18 shares), Argaam reported.