Al Sagr shareholders to vote on 65% capital cut to SAR 140 mln on Oct. 13
Logo of Al Sagr Insurance Co.
Al Sagr Insurance Co.'s shareholders will vote on decreasing capital by 65% from SAR 400 million to SAR 140 million, during an extraordinary general meeting (EGM) to be held on Oct. 13, the company said in a bourse filing.
Details of Capital Reduction |
|
Current Capital |
SAR 400 mln |
Number of Shares |
40 mln |
Reduction (%) |
65% |
New Capital |
SAR 140 mln |
New Number of Shares |
14 mln |
Method |
Canceling 26 million shares |
Reasons |
Writing off 100% of accumulated losses as on June 30, 2022 |
Date of Reduction |
The capital reduction decision, if approved by shareholders, will be enforced on all shareholders registered in the company’s records with the Securities Depository Center (Edaa) by the end of the second trading day following the EGM that decides to reduce capital |
Al Sagr emphasized that there will be no major impact of the capital cut on its financial obligations.
In September, the company’s board recommended the 65% capital decrease to amortize accumulated losses, according to Argaam's data.
Related News
Al Sagr gets CMA nod on capital reduction |
CMA green lights Al Sagr’s 65% capital cut to SAR 140 mln |
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