Riyadh – Mubasher: The shareholders of Amana Cooperative Insurance Company approved reducing the capital by 45.8% or SAR 110 million, according to a bourse filing on Monday.

The new capital will become SAR 130 million distributed over 13 million shares, compared to SAR 240 million and 24 million shares prior to the cut.

Amana will carry out a write-off of 11 million shares that are equivalent to one share for every 2.1818 shares to offset part of the accumulated losses.

In a separate statement, Saudi Tadawul Group announced the fluctuation limit for Amana’s stock based on a share price of SAR 63.

The outstanding orders will accordingly be cancelled.

Amana’s board had proposed last December a capital reduction to amortise SAR 110 million of the accumulated losses.