Logo of Amana Insurance
Amana Cooperative Insurance Co.’s shareholders approved a 45.8% capital cut to SAR 130 million from SAR 240 million by cancelling 11 million shares, during the extraordinary general assembly meeting (EGM) held on May 23, 2021, the insurer said in a statement on Tadawul.
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Details of Capital Reduction |
|
|
Current capital |
SAR 240 mln |
|
Number of shares |
24 mln |
|
Decrease percentage |
45.83% |
|
Capital after reduction |
SAR 130 mln |
|
Number of shares after reduction |
13 mln |
|
Method |
Cancelling 11 mln shares (one share for every 2.18 shares) |
|
Reason |
To restructure capital and partly offset its SAR 110 mln accumulated losses as of Sept. 30, 2020 |
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Date of Sale |
End of the second trading day after the EGM, which approves the decrease |
Shareholders also approved to amend Article 8 of the company’s Articles of Association related to capital and Article 3 related to objectives.
In a separate statement, the Saudi Stock Exchange (Tadawul) announced Amana Insurance’s daily trading fluctuation limit after its capital reduction will be based on a share price of SAR 63.
All outstanding orders will be cancelled. The shares will be suspended for two business days starting today, May 24, 2021.
The Securities Depository Center (Edaa) will reduce shares in investors' portfolios to reflect the capital cut. Trading suspension will be lifted by the close of trading tomorrow, May 25, the statement said.
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