Saudi CMA approves MetLife AIG ANB’s capital cut

Saudi Arabia’s Capital Market Authority (CMA) has approved MetLife AIG ANB Cooperative Insurance Company's request to reduce its capital from SAR 350 million to SAR 180 million, leading to a decrease in the number of shares from 35 million to 18 million.

The approval is subject to the company's extraordinary general assembly approving the capital reduction plan, and the completion of other necessary procedures, the CMA said in a statement on Sunday.

MetLife AIG ANB will provide further information on the proposed method of capital reduction and the expected impact, ahead of the shareholders’ meeting, the statement said.

Last month, the insurer’s board of directors had recommended the 48.57 percent capital reduction, with the aim to restructure the company’s capital to offset SAR 170 million in accumulated losses.