Amana Cooperative Insurance Co. has received approval from the Saudi Arabian Monetary Agency (SAMA), the insurance market regulator, to reduce its capital to SAR 140 million from SAR 320 million, the insurer said in statement to Tadawul on Sunday.
The capital cut is subject to the company fulfilling all regulatory requirements.
In September, the insurer’s board of directors recommended a capital reduction through writing off 56.25 percent of outstanding shares, or 1.125 shares for every two shares, Argaam earlier reported.
The board has also recommended a SAR 100 million rights issue following the capital reduction to boost the company’s solvency margin and support future activities.
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