Logo of Al Sagr Insurance Co.
Al Sagr Insurance Co.'s shareholders approved decreasing capital by 65% to SAR 140 million from SAR 400 million during the extraordinary general meeting (EGM) held on Oct. 13, the company said in a statement to Tadawul.
|
Details of Capital Reduction |
|
|
Current Capital |
SAR 400 mln |
|
Number of Shares |
40 mln |
|
Reduction (%) |
65% |
|
New Capital |
SAR 140 mln |
|
New Number of Shares |
14 mln |
|
Method |
Canceling 26 million shares |
|
Reasons |
Writing off 100% of accumulated losses as on June 30, 2022 |
|
Date of Reduction |
The capital reduction decision, if approved by shareholders, will be enforced on all shareholders registered in the company’s records with the Securities Depository Center (Edaa) by the end of the second trading day following the EGM date |
Al Sagr emphasized that there will be no major impact of the capital cut on its financial obligations.
In a separate statement, the Saudi Exchange (Tadawul) said that the Securities Depository Center Co. (Edaa) will reduce the number of shares in the accounts of eligible shareholders on Oct. 18.
Meanwhile, trading on the company’s shares will remain suspended, according to a bourse announcement on June 23.
On June 23, Tadawul suspended again trading on Al Sagr shares for not disclosing its financial statements for the first quarter of 2022 during the specified period, Argaam reported.
The insurer announced the Q1 2022 financial statements in September, but the statements for Q2 are yet to be published.
The company expects to announce Q2 2022 results before the end of October.
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