Amana Cooperative Insurance Co.’s shareholders are set to vote on a 45.83% capital cut to SAR 130 million from SAR 240 million during the extraordinary general assembly meeting to be held on May 23, the company said in a statement on Tadawul.
The capital cut will be through writing off 11 million shares, in order to offset SAR 110 million accumulated losses.
|
Key Figures of the Capital Reduction |
|
|
Current Capital |
SAR 240 mln |
|
Number of shares |
24 mln shares |
|
Reduction (%) |
45.83% |
|
New Capital |
SAR 130 mln |
|
New number of shares |
13 mln shares |
|
Method |
Writing off 11 million shares |
|
Reason |
Capital restructuring to offset accumulated losses |
|
Date |
May 23, 2021 |
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