Al Sagr shareholders to vote on 65% capital cut to SAR 140 mln on Oct. 13

09/10/2022 Argaam

Al Sagr shareholders to vote on 65% capital cut to SAR 140 mln on Oct. 13

Logo of Al Sagr Insurance Co.

Al Sagr Insurance Co.'s shareholders will vote on decreasing capital by 65% from SAR 400 million to SAR 140 million, during an extraordinary general meeting (EGM) to be held on Oct. 13, the company said in a bourse filing.

 

Details of Capital Reduction

Current Capital

SAR 400 mln

Number of Shares

40 mln

Reduction (%)

65%

New Capital

SAR 140 mln

New Number of Shares

14 mln

Method

Canceling 26 million shares

Reasons

Writing off 100% of accumulated losses as on June 30, 2022

Date of Reduction

The capital reduction decision, if approved by shareholders, will be enforced on all shareholders registered in the company’s records with the Securities Depository Center (Edaa) by the end of the second trading day following the EGM that decides to reduce capital
 

Al Sagr emphasized that there will be no major impact of the capital cut on its financial obligations.

 

In September, the company’s board recommended the 65% capital decrease to amortize accumulated losses, according to Argaam's data.

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