Riyadh – Mubasher: The board of Al Ahlia Insurance Company has cancelled its previous recommendation to the company’s extraordinary general assembly meeting (EGM) to raise capital through a rights issuance.

The board reached its new decision on 24 December, according to a statement to the Saudi Stock Exchange (Tadawul) on Wednesday.

Back in March, the company’s board recommended reducing capital by 23.13% to offset accumulated losses.

It is worth noting that Al Ahlia has signed a merger agreement with Gulf Union.