UCA files capital cut request to regulator

22/04/2018 Argaam

 

United Cooperative Assurance (UCA) on Sunday officially submitted to the Capital Market Authority, the Kingdom's market regulator, its request to reduce capital to SAR 400 million from SAR 490 million, the company said in a statement to Tadawul.

 

The insurer will announce the relevant development later on, the statement added.

 

In June, the insurer’s board of directors recommended an 18.4 percent capital reduction through writing off one share for every 5.44 outstanding shares, Argaam earlier reported.

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