Amana Cooperative Insurance Company obtained the approval of the Central Bank of Saudi Arabia (SAMA) to reduce its capital by 110 million riyals, so that the capital after the reduction becomes 130 million riyals. p>
According to Arabiya Net, the company had announced the Board of Directors' recommendation to the Extraordinary General Assembly to reduce the company's capital from 240 million riyals to 130 million riyals, a reduction of 45.833%.
The company said, in a previous statement, that the reason for the reduction is to restructure the company's capital to extinguish the accumulated losses as on the date of September 30, 2020, at an amount of 110 million riyals.
The capital reduction will be by canceling the 11 million shares of the company’s shares, 1 share will be reduced for every 2.1818 shares.
It is indicated that the number of shares before the reduction is 24 million shares, and the number after the reduction is 13 million shares.
The company also said that there is no material impact from reducing the capital on the obligations, operations, or financial, operational or organizational performance of the company and the ownership percentage of any shareholder will not change as a result of the reduction Capital.
and the date of reduction will be at the end of the second trading day following the convening of the extraordinary general assembly in which the capital will be reduced, bearing in mind that the reduction of the capital is conditional on the need for the approval of the official authorities and the general assembly. Regular reduction of capital and number of shares.
