Amana Insurance submits capital cut request to CMA

Amana Cooperative Insurance logo

Amana Cooperative Insurance Co. submitted, on Jan. 28, 2021, a request to the Capital Market Authority (CMA) to reduce its capital by 45.83%, the company said in a bourse statement.

The insurer will announce any relevant developments in due course.

The board of directors recommended reducing the company’s capital to SAR 130 million from SAR 240 million, a 45.83% decrease, by cancelling 11 million shares (one share for every 2.18 shares), according to data compiled by Argaam.

On Jan. 25, the Tadawul-listed insurance firm obtained the Saudi Central Bank’s (SAMA) approval on the capital reduction.