Riyadh – Mubasher: Amana Cooperative Insurance Company has received the go-ahead from the Saudi Central Bank (SAMA) to cut the company’s capital by 45.8% or SAR 110 million, according to a stock exchange statement on Tuesday. 

The insurer’s capital will be decreased to SAR 130 million from SAR 240 million through the cancellation of 11 million shares. Moreover, the capital cut aims to amortise accumulated losses worth SAR 110 million as of 30 September 2020.

Last December, Amana Cooperative said that there will be no material effect from the said capital reduction on the company's obligations and operations.