Amana Insurance on Monday officially submitted to the Capital Market Authority its request to reduce capital to SAR 140 million from SAR 320 million, the company said in a statement to the Saudi Stock Exchange.
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.
After the reduction, the company will increase capital by SAR 100 million through a rights issue.
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