The general assembly of the United Cooperative Insurance Group (ACIG), in its meeting held on Wednesday, approved the recommendation of the company's board of directors to reduce the capital by 29.5%.
The company said in a statement to the Saudi market (Tadawul) today, Thursday, that the capital will be reduced from 200 million riyals to 141 million riyals, with a reduction of 59 million riyals. .
The company clarified in the statement that the reason for reducing the capital is to extinguish the accumulated losses of 59 million riyals, indicating that the reduction will be by 1 share for every 3.3898 shares.
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and the company indicated that the process of reducing the capital does not have a material impact on the company's financial obligations.
and in the event that the company's shareholders agree at the general meeting to reduce the capital, the reduction decision will be effective on all the shareholders of the company registered in the company's records at the Securities Depository Center (Deposit Center) The end of the second trading day following the convening of the General Assembly in which it was decided to reduce the capital.
(Amazon Fun Knowledge)
