Riyadh - Mubasher: The extraordinary general meeting (EGM) of Al Ahlia Cooperative Insurance approved reducing its capital by 50% through the termination of 16 million shares.

The capital will be decreased from SAR 320 million to SAR 160 million, according to a bourse filing on Thursday.

The capital reduction does not affect the company’s liabilities, but it comes in line with the New Companies Law, Al Ahlia explained.

The number of shares will be cut from 32 million to 16 million shares.

The decision will be valid for registered shareholders once trading closes on the day of the meeting.

The EGM also agreed on amending the Article 7 of the company's bylaws to be in compliance with the capital decrease.