Logo of Al Sagr Cooperative Insurance Co.
Al Sagr Cooperative Insurance Co.’s board of directors recommended on Sept. 1 a 65% capital reduction from SAR 400 million to SAR 140 million to offset the accumulated losses, according to a bourse filing.
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Capital Reduction Details |
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Current Capital |
SAR 400 mln |
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Number of Shares |
40 mln |
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Percentage of Reduction |
65% |
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New Capital |
SAR 140 mln |
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Number of Shares |
14 mln |
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Method |
Cancelling 26 mln shares |
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Reason |
Offsetting 100% of accumulated losses as on June 30, 2022 |
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Date of Capital Reduction |
The second trading day after the extraordinary general meeting (EGM). The meeting date will be determined later. |
The Saudi-listed insurer ruled out any relevant material impact on its liabilities, the statement added.
The capital cut is pending the approval of competent authorities and the EGM. The insurer will announce the appointment of a financial advisor and will file for the approval of the Capital Market Authority (CMA).
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