Amana Cooperative Insurance Co.’s shareholders approved on Sunday a 56.25 percent capital reduction to SAR 140 million from SAR 320 million by writing off 56.25 percent of outstanding shares, or 1.125 shares for every two shares, the company said in a statement to Tadawul.

 

The stock fluctuation limit on Monday will be based on a share price of SAR 20.85.

 

In September, the insurer’s board of directors recommended a capital cut, Argaam earlier reported.

 

After the reduction, the company will increase capital by SAR 100 million through a rights issue to boost its solvency margin and support future activities.

 

Capital cut details

Current capital

SAR 320 mln

No. of shares

32 mln

Capital cut percentage

56.25% (or 1.125-for-2 shares)

New capital

SAR 140 mln

New no. of shares

14 mln shares

Method of capital cut

Write off 18 mln shares

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