Amana Insurance approves capital cut by 45.8%; Tadawul suspends trading for 2 days

Logo of Amana Insurance

Amana Cooperative Insurance Co.’s shareholders approved a 45.8% capital cut to SAR 130 million from SAR 240 million by cancelling 11 million shares, during the extraordinary general assembly meeting (EGM) held on May 23, 2021, the insurer said in a statement on Tadawul.

Shareholders also approved to amend Article 8 of the company’s Articles of Association related to capital and Article 3 related to objectives.

In a separate statement, the Saudi Stock Exchange (Tadawul) announced Amana Insurance’s daily trading fluctuation limit after its capital reduction will be based on a share price of SAR 63.

All outstanding orders will be cancelled. The shares will be suspended for two business days starting today, May 24, 2021.

The Securities Depository Center (Edaa) will reduce shares in investors' portfolios to reflect the capital cut. Trading suspension will be lifted by the close of trading tomorrow, May 25, the statement said.