Logo of United Cooperative Assurance Co. (UCA)
United Cooperative Assurance Co.’s (UCA) board of directors recommended on Dec. 8 a 25% capital cut, lowering it to SAR 300 million from SAR 400 million.
The move aims to restructure the company’s capital, according to a statement on Tadawul.
|
Capital Cut Details |
|
|
Current Capital |
SAR 400 mln |
|
Current Number of Shares |
40 mln |
|
New Capital |
SAR 300 mln |
|
New Number of Shares |
30 mln |
|
Reduction (%) |
25% |
|
Reason |
Restructuring the company’s capital to write off accumulated losses worth SAR 100 mln |
|
Date of Reduction |
End of second trading day after the extraordinary general meeting (EGM) date |
|
Method of Reduction |
Writing off 10 mln shares (0.25 share per share) |
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The capital cut is pending the approval of the competent authorities and the EGM, the statement added.
UCA will issue a formal announcement upon the appointment of a financial advisor and the submission of the capital reduction request to the Capital Market Authority (CMA) for approval.
According to data available on Argaam, UCA’s board decided on Sept. 8 to cancel its recommendation to raise capital to SAR 700 million through a SAR 300 million rights offering.
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