Logo of Gulf General Cooperative Insurance Co.
Gulf General Cooperative Insurance Co. issued the shareholders’ circular with regard to the 40% capital cut to SAR 300 million.
The company said that board members affirmed, based on their knowledge and opinion, that reducing capital is in the interest of the company and shareholders.
It added that the certified chartered accountant’s study revealed that there will be no impact of the capital reduction on the company’s obligations.
|
Details of Capital Reduction |
|
|
Current Capital |
SAR 500 mln |
|
Current Number of Shares |
50 mln |
|
Capital Decrease% |
40% |
|
New Capital |
SAR 300 mln |
|
New Number of Shares |
30 mln |
|
Reason |
Restructuring capital to amortize SAR 200 mln accumulated losses |
|
Method |
Canceling 20 mln shares at 0.4-for-1 share |
|
Date of Reduction |
By the end of the second trading day after the EGM approval on the move |
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}