The Saudi Capital Market Authority approved the request of Saudi Care Cooperative Insurance Company to reduce its capital from 300 million riyals to 150 million riyals, thus reducing the number of shares from 30 million shares To 15 million shares. And that after the approval of the extraordinary general assembly of the company and the completion of the relevant procedures and statutory requirements.
According to ArabiaNet, the company will publish a report prepared by it that contains the proposed method for reducing the capital and the expected effects of that reduction sufficiently in advance of the extraordinary general assembly meeting so that shareholders can vote on the decision to reduce the capital.
It should be noted that the Authority’s approval of the company's request to reduce its capital should not be seen as an endorsement of the feasibility of the capital reduction, as the Authority’s decision to approve the company’s request means that the regulatory requirements have been complied with, according to the Capital Market Law and its implementing regulations. < / p>
