Amana sells fractional shares after capital cut

Amana Cooperative Insurance Co. (Amana Insurance) has sold 9,355 of fractional shares--at SAR 18.95 a share--totaling SAR 177,277, the insurer said in a statement to Saudi bourse, Tadawul.

Banque Saudi Fransi (BSF) will deposit these funds in the shareholders’ accounts.

Last month, Amana Insurance shareholders approved a 56.25 percent capital reduction to SAR 140 million from SAR 320 million by writing off 56.25 percent of outstanding shares, or 1.125 shares for every two shares, data compiled by Argaam showed.