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Amana Cooperative’s board proposes 45.8% capital cut

Amana Cooperative’s board proposes 45.8% capital cut
The capital cut is subject to the approvals of official bodies and the company’s extraordinary assembly.
AMANA INSURANCE
8310
29.52% 13.60 3.10

Riyadh – Mubasher: Amana Cooperative Insurance Company’s board recommended decreasing the company’s capital by 45.83% to amortise accumulated losses worth SAR 110 million as of 30 September 2020.

Hence, the insurer’s capital will be cut to SAR 130 million from SAR 240 million through the cancellation of 11 million shares, according to a bourse filing on Tuesday.

There will be no material effect from the capital reduction on the company's obligations, operations, or financial and organisational performance. In addition, the ownership percentage of any shareholder will not change as a result of reducing the capital.

Moreover, the capital cut is subject to the approvals of official bodies and the company’s extraordinary general meeting (EGM).

Alinma Investment Company has been appointed as the financial advisor of the transaction.