KSA - CMA nods to Al Ahlia Insurance’s capital cut
Tuesday, 07 02 2019, Category: Insurance and Reinsurance, Country: Saudi Arabia
The Saudi Capital Market Authority (CMA) announced approving the request of Al Ahlia Insurance Company to slash its capital to SAR 123 million from SAR 160 million.
Accordingly, the number of shares will be reduced to 12.3 million, compared to 16 million, according to a statement to the Saudi Stock Exchange (Tadawul) on Monday.
The decision is subject to the approval of the insurance company’s extraordinary general meeting (EGM), the statement added. In March, the insurer’s board of directors proposed cutting its capital by 23.1% to SAR 123 million from SAR 160 million.