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Arabia Insurance’s EGM to discuss capital cut 2 August

Arabia Insurance’s EGM to discuss capital cut 2 August
The company said the capital cut is mainly aiming at offsetting most of accumulated losses
AICC
8160
33.12% 16.64 4.14

Riyadh – Mubasher: Arabia Insurance Cooperative Company said Tuesday that its extraordinary general meeting (EGM) will be held on 2 August to discuss a proposal to decrease the capital by 33.75% to SAR 365 million from SAR 400 million.

Thus, the number of shares will decline by 13.5 million shares to 26.5 million shares from 40 million shares.

The company said the capital cut is mainly aiming at offsetting most of accumulated losses, according to a bourse filing.

The EGM will also discuss amending the articles no. (7) and (8) to comply with the capital decrease.