United Cooperative Assurance Co.’s (UCA) general assembly has approved 18.4 percent capital reduction to SAR 400 million from SAR 490 million through the cancellation of 9 million shares, the company said in a statement on Tadawul.
The capita cut will not have any material impact on the company’s financial obligations, the statement added.
Meanwhile, shareholders declined approval for amending the articles related to board remuneration policy.
They approved appointing Ahmed Murad as board member effective from March 22, 2018, rather than Dec. 14, 2017, until the end of the current term.
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Key Figures of the Capital Reduction |
|
|
Current Capital |
SAR 490 mln |
|
Number of shares |
49 mln shares |
|
Reduction (%) |
18.37% (one share for every 5.44 shares) |
|
New Capital |
SAR 400 mln |
|
New number of shares |
40 mln shares |
|
Method |
Cancellation of 9 mln shares |
|
Driver |
Restructuring capital to offset accumulated losses |
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