MetLife AIG ANB Cooperative Insurance Co. on Feb. 27 received approval from the Saudi Arabian Monetary Authority (SAMA) to reduce capital by SAR 170 million to SAR 180 million, the insurer said in a statement to Tadawul on Wednesday.
Earlier this month, the insurer’s board of directors recommended a 48.57 percent capital reduction to SAR 180 million from SAR 350 million, through the cancellation of 17 million shares, Argaam reported.
The move aims to restructure the company’s capital to offset SAR 170 million in accumulated losses, in line with the new corporate law.
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