KSA - Al Ahlia Insurance approves 23% capital cut
Friday, 09 20 2019, Category: Insurance and Reinsurance, Country: Saudi Arabia
The extraordinary general meeting (EGM) of Al Ahlia Insurance Co approved to reduce the firm’s capital to SAR 123 million from SAR 160 million, a 23.125% decline.
Therefore, the company’s shares will amount to 12.300 million from 16 million, as one share will be reduced for every 4.324 shares. Al Ahlia Insurance will cancel 3.700 million shares, according to a disclosure to the Saudi Stock Exchange (Tadawul) on Thursday.
The company ascribed the capital cut to the restructuring of its capital in order to amortise the accumulated losses while enhancing the company’s growth in the long run. The said capital reduction will not affect the company’s liabilities.
The EGM’s decision will be effective to all equity holders and those registered by the end of the second trading day following its meeting held on 19/1/1441 H or 18 September 2019.