Saudi Arabia’s Capital Market Authority (CMA) has approved Amana Insurance’s request to reduce capital to SAR 140 million from SAR 320 million, the regulator said in a statement on the Saudi bourse, Tadawul.
After the move, the number of shares will reduce from 32 million to 14 million.
The approval is conditional upon the company receiving the go-ahead from the general assembly, as well as other procedures and regulations.
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