|10 June, 2018

United Cooperative Assurance EGM nods to capital cut

The capital cut accounts for 18.37% of the company’s capital

Riyadh: The extraordinary general meeting (EGM) of United Cooperative Assurance Co has approved to decrease its capital to SAR 400 million from SAR 490 million that will be distributed over 40 million shares.

The capital cut accounts for 18.37% of the company’s capital, United Cooperative Assurance said in a filing to the Saudi Stock Exchange (Tadawul) on Sunday.

The company aims to make for its impairment loss of SAR 90 million through the capital reduction, according to the filing.

The capital decrease is not likely to impact the company’s financial liabilities, the company added.

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2018 Provided by SyndiGate Media Inc. (Syndigate.info).

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.

More From Markets