Riyadh – Mubasher: Arabia Insurance Cooperative said its extraordinary general meeting approved, at its second meeting, the board’s recommendation regarding reducing the company’s capital by 33.75% from SAR 400 million to SAR 265 million at 1 stock for each 2.96 stocks.

The company’s issued shares will reduce from 40 million shares to 26.5 million shares through cancelling 13.5 million shares.

The Saudi insurer said the capital cut aims to offset accumulated losses with the same value of the cancelled shares, noting that such decision won’t adversely impact the company.