Saudi Indian Company for Cooperative Insurance (Wafa Insurance) general assembly has approved an 18.03 percent capital reduction to SAR 100 million from SAR 122 million through the cancellation of 2.2 million shares, the company said in a statement on Tadawul.
Last year, Saudi Capital Market Authority (CMA) decided that listed companies with accumulated losses above 50 percent of capital, shall face liquidation, unless they find a way to mend their financial position.
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Key Figures of the Capital Reduction |
|
|
Current Capital |
SAR 122 mln |
|
Number of shares |
12.2 mln shares |
|
Reduction (%) |
18.03% (0.541 for every 3 shares) |
|
New Capital |
SAR 100 mln |
|
New number of shares |
10 mln shares |
|
Method |
Cancellation of 2.2 mln shares |
|
Driver |
Restructuring capital, offsetting accumulated losses and support future growth |
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