MetLife AIG ANB recommends 49% capital cut

19/02/2018 Argaam

 

MetLife AIG ANB Cooperative Insurance Company'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 aims to restructure the company’s capital to offset SAR 170 million in accumulated losses, in line with the new Companies Law, the company said in a statement on Tadawul on Monday.
 

The capital cut is pending approval from the general assembly and official authorities.

 

All fractional shares resulting from the capital reduction will be sold, and proceeds distributed to eligible shareholders.

 

The Saudi Capital Market Authority (CMA) decided last year that listed companies with accumulated losses above 50 percent of capital, shall face liquidation unless they find a way to mend their financial position.

 

Capital Reduction Details

Current Capital

SAR 350 mln

Number of shares

35 mln shares

Reduction (%)

48.57%

New Capital

SAR 180 mln

New number of shares

18 mln shares

Method

Cancellation of 17 mln shares

Purpose

Restructure capital in line with new Companies Law

 

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