Saudi Re for Cooperative Reinsurance Co.’s board of directors has amended its capital cut recommendation to SAR 810 million from SAR 804 million, the company said in a bourse statement.
The decision was made after the company’s accumulated losses as of September 30, 2017 have declined, the company said on Sunday.
The capital cut is still conditional upon obtaining regulatory approvals.
Shareholders of record at the general assembly including those registered at the Securities Depository Center two days after this date, are eligible for the capital cut.
Shareholder ownership percentages will remain unchanged after the capital cut, the statement added.
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Capital Cut Details |
|
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Current capital |
SAR 1,000 million |
|
Current No. of shares |
100 million |
|
Percentage of cut |
19 percent (19-for-100 shares) |
|
Post-reduction capital |
SAR 810 million |
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Post-reduction shares |
81.0 million |
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Capital cut method |
Writing off 19 mln shares |
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Capital cut purpose |
Restructuring capital to offset accumulated losses and support future growth |
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Capital cut effect |
No impact on the company’s liabilities |
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