Saudi Re for Cooperative Reinsurance Co.’s board of directors has amended its capital cut recommendation to SAR 810 million from SAR 804 million, the company said in a bourse statement. 

 

The decision was made after the company’s accumulated losses as of September 30, 2017 have declined, the company said on Sunday. 

 

The capital cut is still conditional upon obtaining regulatory approvals.

 

Shareholders of record at the general assembly including those registered at the Securities Depository Center two days after this date, are eligible for the capital cut.

 

Shareholder ownership percentages will remain unchanged after the capital cut, the statement added.

 

Capital Cut Details

Current capital

SAR 1,000 million

Current No. of shares

100 million

Percentage of cut

19 percent (19-for-100 shares)

Post-reduction capital

SAR 810 million

Post-reduction shares

81.0 million

Capital cut method

Writing off 19 mln shares

Capital cut purpose

Restructuring capital to offset accumulated losses and support future growth

Capital cut effect

No impact on the company’s liabilities

 

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