Al Ahlia for Cooperative Insurance Co.’s shareholders have approved a 23.13 percent capital cut to SAR 123 million from SAR 160 million, the company said in a bourse statement.
The process aims to restructure the company’s capital, offset accumulated losses and support future growth.
In a separate statement, the Saudi Stock Exchange (Tadawul) said the fluctuation limits for Al-Ahlia will be based on a share price of SAR 13.58.
The company will be suspended for two business days, from today Sept. 19, until end of Sunday Sept. 22, when the Securities Depository Center Company (Edaa) would reflect shares reduction on investors’ portfolios.
In March, the insurer’s board of directors recommended a 23.13 percent capital cut to offset accumulated losses followed by a capital hike through a SAR 127 million rights issue.
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Key Figures of Capital cut |
|
|
Current Capital |
SAR 160 mln |
|
Number of shares |
16 mln shares |
|
Cut (%) |
23.13% (1 for every 4.324 shares) |
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New Capital |
SAR 123 mln |
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New number of shares |
12.3 mln shares |
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Method |
Writing off 3.7 mln shares |
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Driver |
To restructure the capital, offset accumulated losses and support future growth |
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