Mubasher: The UAE Securities and Commodities Authority (SCA) has approved Al Khazna Insurance Company’s capital reduction from AED 420 million to AED 100 million.

The capital cut was approved by the company’s general assembly meeting to be through the cancellation of AED 320 million worth of shares.

Accordingly, the company’s capital now stands at AED 100 million, distributed over 100 million shares with a nominal value of AED 1 per share.