MetLife AIG ANB Cooperative Insurance Co.’s shareholders approved the board’s proposal to reduce capital by 48.57 percent to SAR 180 million from SAR 350 million, the insurer said in a bourse statement on Thursday.
The company will write off 17 million of shares.
Accordingly, the number of outstanding shares will be reduced to 18 million from the current 35 million (one share for every 2.0588 outstanding shares).
Last February, the insurer’s board of directors recommended a 48.57 percent capital reduction to SAR 180 million from SAR 350 million, to restructure the company’s capital to offset SAR 170 million in accumulated losses, Argaam reported.
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Capital Reduction Details |
|
|
Current Capital |
SAR 350 mln |
|
Number of shares |
35 mln shares |
|
Reduction (%) |
48.57% (1-for-2.0588 shares) |
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New Capital |
SAR 180 mln |
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New number of shares |
18 mln shares |
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Method |
Write-off of 17 mln shares |
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Purpose |
Restructure capital in line with new Companies Law |
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Impact of capital cut |
No potential impact is seen on liabilities |
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