Sanad Cooperative Insurance Co.’s board has recommended cutting capital from SAR 200 million (20 million shares) to SAR 100 million (10 million shares).
The company would cancel 50 percent of its outstanding shares, or 1-for-2, in line with the new corporate law, the Saudi insurer said in a bourse statement.
The proposal is still pending approval of relevant authorities, as well as the company’s extraordinary general meeting.
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