Gulf Union Cooperative Insurance Co.’ general assembly approved on Thursday a 31.82 percent capital reduction to SAR 150 million from SAR 220 million to offset accumulated losses.
The insurer’s shares will be suspended for two trading days starting Sunday, until the capital cut is reflected on shareholders’ portfolios, the Saudi Stock Exchange (Tadawul) said in a separate statement on Sunday.
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Capital cut details |
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Current Capital |
SAR 220 mln |
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Number of shares |
22 mln |
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Capital cut percentage |
31.82% (1 share for every 3.143 shares) |
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New capital |
SAR 150 mln |
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New number of shares |
15 mln |
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Method of capital cut |
Writing off 7 mln shares |
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Reasons |
Offset accumulated losses |
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