Logo of Al Sagr Cooperative Insurance Co.

Al Sagr Cooperative Insurance Co.’s board of directors recommended on Sept. 1 a 65% capital reduction from SAR 400 million to SAR 140 million to offset the accumulated losses, according to a bourse filing.

 

Capital Reduction Details

Current Capital

SAR 400 mln

Number of Shares

40 mln

Percentage of Reduction

65%

New Capital

SAR 140 mln

Number of Shares

14 mln

Method

Cancelling 26 mln shares

Reason

Offsetting 100% of accumulated losses as on June 30, 2022

Date of Capital Reduction

The second trading day after the extraordinary general meeting (EGM). The meeting date will be determined later.

 

The Saudi-listed insurer ruled out any relevant material impact on its liabilities, the statement added.  

 

The capital cut is pending the approval of competent authorities and the EGM. The insurer will announce the appointment of a financial advisor and will file for the approval of the Capital Market Authority (CMA). 

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