Amana Cooperative Insurance appointed a financial advisor to manage its plans to reduce capital to SAR 140 million from SAR 320 million, the company said in a statement to the Saudi Stock Exchange.
Amana also noted that a statement issued on Nov 20 erroneously saying that the insurer hired a financial advisor to manage its rights issue. The advisor was hired to manage its capital reduction, not rights issue, it added.
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.
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