Saudi's CMA nods to capital change requests by Al Sagr Cooperative, Tihama

Reuters Images/Faisal Al Nasser

The new capital will be distributed over 14mln shares, lower by 26mln than 40mln shares prior to the cut

Staff Writer, Mubasher

October 7, 2022

PHOTO

Riyadh – The Capital Market Authority (CMA) greenlighted Al Sagr Cooperative Insurance Company’s request to decrease its capital to SAR 140 million from SAR 400 million, according to a bourse filing.

The new capital will be distributed over 14 million shares, lower by 26 million than 40 million shares prior to the cut.

In a separate bourse disclosure, the CMA approved to increase Tihama Advertising and Public Relations Company's capital through a rights issue worth SAR 350 million.

Last September, Al Sagr Cooperative submitted the 65% capital reduction request to the CMA.

In February 2022, Tihama obtained a regulatory nod from the CMA to reduce its capital by SAR 125 million to SAR 50 million from SAR 175 million.

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.