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.
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Capital reduction details |
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Current Capital |
SAR 205.0 mln |
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Number of shares |
20.5 mln shares |
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Capital cut percent |
40.5% (1.215 share for every 3 shares) |
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New capital |
SAR 122 mln |
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New number of shares |
12.2 mln shares |
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Method of capital cut |
Writing off 8.3 mln shares |
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Reasons |
Restructuring the company’s capital to offset accumulated losses and support future growth |
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