Logo of Salama Cooperative Insurance
Salama Cooperative Insurance Co.’s shareholders will vote on board’s recommendation to a 60% capital decrease from SAR 250 million to SAR 100 million, during the extraordinary general meeting (EGM), slated for Aug. 16, 2022, the insurer said in a bourse filing.
|
Key Figures of the Capital Reduction |
|
|
Current Capital |
SAR 250 mln |
|
Number of Shares |
25 mln |
|
Reduction (%) |
60% |
|
New Capital |
SAR 100 mln |
|
New Number of Shares |
10 mln |
|
Reason |
Restructuring the company’s capital to depreciate 94.48% or SAR 158.77 mln in accumulated losses, as of Dec. 31, 2021 |
|
Date of reduction |
Reduction decision, if approved on EGM, will be effective on the shareholders registered in the register at the Securities Depository Center Co. (Edaa) by the end of second trading day after the EGM date, during which it was decided to reduce capital |
|
Method |
Writing off 15 mln shares at SAR 150 mln or reduction of 3 per 5 shares |
The agenda shall include voting over using SAR 5 million from the statutory reserve as of March 31, to cover part of the company’s accumulated losses of SAR 167.09 million, representing a capital of 66.84% as of March 31, according to the statement on Tadawul.
Salama Cooperative Insurance Co.'s board of directors recommended, on March, a capital reduction by 60% to SAR 100 million from SAR 250 million, according to data available with Argaam.
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}