Amana Cooperative Insurance Co.’s shareholders approved on Sunday a 56.25 percent capital reduction to SAR 140 million from SAR 320 million by writing off 56.25 percent of outstanding shares, or 1.125 shares for every two shares, the company said in a statement to Tadawul.
The stock fluctuation limit on Monday will be based on a share price of SAR 20.85.
In September, the insurer’s board of directors recommended a capital cut, Argaam earlier reported.
After the reduction, the company will increase capital by SAR 100 million through a rights issue to boost its solvency margin and support future activities.
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Capital cut details |
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Current capital |
SAR 320 mln |
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No. of shares |
32 mln |
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Capital cut percentage |
56.25% (or 1.125-for-2 shares) |
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New capital |
SAR 140 mln |
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New no. of shares |
14 mln shares |
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Method of capital cut |
Write off 18 mln shares |
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