MetLife AIG ANB Cooperative Insurance Co.’s fluctuation limit after capital reduction will be based on a share price of SAR 24.66, the Saudi Stock Exchange (Tadawul) said in a statement on Thursday.
The insurer’s shares will be suspended for two business days, starting Thursday, until the Securities Depository Center (Edaa) reflects the capital reduction on investors’ portfolios.
In February, MetLife AIG ANB’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.
The move, which has been approved by the Saudi Arabian Monetary Authority (SAMA) and Capital Market Authority (CMA), aims to restructure the company’s capital to offset SAR 170 million in accumulated losses.
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