Logo of Salama Cooperative Insurance

Salama Cooperative Insurance Co.’s shareholders will vote on board’s recommendation to a 60% capital decrease from SAR 250 million to SAR 100 million, during the extraordinary general meeting (EGM), slated for Aug. 16, 2022, the insurer said in a bourse filing.

        

Key Figures of the Capital Reduction

Current Capital

SAR 250 mln

Number of Shares

25 mln

Reduction (%)

60%

New Capital

SAR 100 mln

New Number of Shares

10 mln

Reason

Restructuring the company’s capital to depreciate  94.48% or SAR 158.77 mln in accumulated losses, as of Dec. 31, 2021

Date of reduction

Reduction decision, if approved on EGM,  will be effective on the shareholders registered in the register at the Securities Depository Center Co. (Edaa) by the end of second trading day after the EGM date, during which it was decided to reduce capital

Method

Writing off 15 mln shares at SAR 150 mln or reduction of 3 per 5 shares

  

The agenda shall include voting over using SAR 5 million from the statutory reserve as of March 31, to cover part of the company’s accumulated losses of SAR 167.09 million, representing a capital of 66.84% as of March 31, according to the statement on Tadawul.

  

Salama Cooperative Insurance Co.'s board of directors recommended, on March, a capital reduction by 60% to SAR 100 million from SAR 250 million, according to data available with Argaam. 

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