Al Ahlia gets CMA's nod on capital cut

The Capital Market Authority (CMA) has approved the request of Al Ahlia Insurance Company to cut capital from SAR 160 million to SAR 123 million, the company said in a bourse filing.

Thus, the number of shares will be cut from 16 million to 12.3 million. 

The approval is subject to the company’s extraordinary general assembly, in addition to finalizing the necessary relevant procedures.

In March, Al Ahlia’s board of directors recommended a 23.1 percent capital cut to SAR 123 million from SAR 160 million.