MetLife AIG ANB recommends 49% capital cut

MetLife AIG ANB Cooperative Insurance Company's board of directors recommended a 48.57 percent capital reduction to SAR 180 million from SAR 350 million, through the cancellation of 17 million shares.

The capital cut is pending approval from the general assembly and official authorities.

All fractional shares resulting from the capital reduction will be sold, and proceeds distributed to eligible shareholders.

The Saudi Capital Market Authority (CMA) decided last year that listed companies with accumulated losses above 50 percent of capital, shall face liquidation unless they find a way to mend their financial position.