Amana Cooperative Insurance: capital reduction

The Board of Directors of Amana Cooperative Insurance has proposed a 45.83% reduction of the company’s capital: from 240 million SAR (63.94 million USD) to 130 million SAR (34.63 million USD). The number of shares is also to be lowered from 24 000 000 to 13 000 000.

Such decision has been taken to cover the insurer's losses which as of 30 September 2020 were established at 110 million SAR (29.31 million USD).

The transaction is yet to be approved by the shareholders and authorities.

Read also | Saudi Enaya and Amana: MoU for a possible merger