Wafa Insurance approves capital cut to offset losses

15/06/2017 Argaam

Saudi Indian Company for Cooperative Insurance’s (Wafa Insurance) general assembly has approved a 40.5 percent capital reduction to SAR 122 million, to offset accumulated losses, the company said in a statement on Tadawul.

 

Capital reduction details

Current Capital

SAR 205.0 mln

Number of shares

20.5 mln shares

Capital cut percent

40.5% (1.215 share for every 3 shares)

New capital

SAR 122 mln

New number of shares

12.2 mln shares

Method of capital cut

Writing off 8.3 mln shares

Reasons

Restructuring the company’s capital to offset accumulated losses and support future growth

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