Malath Insurance sets fluctuation limit for capital cut

Malath Cooperative Insurance and Reinsurance Co.’s (Malath Insurance) fluctuation limit for its capital cut will be based on a share price of SAR 21.80, the company said in a statement Thursday.

The company’s extraordinary general assembly approved on March 29 a 60 percent capital cut to SAR 120 million from SAR 300 million.

Malath’s board last October proposed cancelling 18 million shares (1.8 shares for every three outstanding shares) to offset accumulated losses.