KSA - Al Ahlia board calls off proposed capital hike
Saturday, 12 28 2019, Category: Insurance and Reinsurance, Country: Saudi Arabia
The board of Al Ahlia Insurance Company has cancelled its previous recommendation to the company’s extraordinary general assembly meeting (EGM) to raise capital through a rights issuance.
The board reached its new decision on 24 December, according to a statement to the Saudi Stock Exchange (Tadawul) on Wednesday.
Back in March, the company’s board recommended reducing capital by 23.13% to offset accumulated losses.
It is worth noting that Al Ahlia has signed a merger agreement with Gulf Union.