United Cooperative appoints financial advisor for capital cut

03/08/2017 Argaam

United Cooperative Assurance Co. (UCA) has appointed BMG Financial Group as financial advisor for its potential capital cut, the insurer said in a bourse statement.

 

UCA’s board of directors recommended an 18.4 percent capital cut in June to SAR 400 million, from SAR 490 million (one share for every 5.44 outstanding shares).

 

Earlier this week, the Saudi Arabian Monetary Authority (SAMA) approved the insurer’s request to reduce capital.

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