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
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