Logo of Gulf General Cooperative Insurance Co.
Gulf General Cooperative Insurance Co.'s shareholders will discuss the board's recommendation on reducing capital by 40% from SARA 500 million to SAR 300 million, during the extraordinary general meeting (EGM) slated for March 19.
The capital reduction will be carried out through canceling 20 million shares, at 0.4 share to one share, according to a filing to Tadawul.
|
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 |
The capital reduction will not have a significant impact on the insurer's obligations, operations, or financial, operating or regulatory performance, the company said, adding that shareholders' ownership will not be affected by the capital reduction.
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