MetLife AIG ANB Cooperative Insurance Co.’s shareholders approved the board’s proposal to reduce capital by 48.57 percent to SAR 180 million from SAR 350 million, the insurer said in a bourse statement on Thursday.

 

The company will write off 17 million of shares.

 

Accordingly, the number of outstanding shares will be reduced to 18 million from the current 35 million (one share for every 2.0588 outstanding shares).

 

Last February, the insurer’s board of directors recommended a 48.57 percent capital reduction to SAR 180 million from SAR 350 million, to restructure the company’s capital to offset SAR 170 million in accumulated losses, Argaam reported.

 

Capital Reduction Details

Current Capital

SAR 350 mln

Number of shares

35 mln shares

Reduction (%)

48.57% (1-for-2.0588 shares)

New Capital

SAR 180 mln

New number of shares

18 mln shares

Method

Write-off of 17 mln shares

Purpose

Restructure capital in line with new Companies Law

Impact of capital cut

No potential impact is seen on liabilities

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