The United Cooperative Insurance announced the issuance of the board of directors of its meeting today, Tuesday, to enhance its previous recommendation related to the reduction of capital, which aims to restructure the capital and extinguish part of the accumulated losses according to the following:
“The recommendation of the extraordinary general assembly to reduce capital from (400) million riyals to (300) million riyals by restructuring the capital and turning off the amount of (100) million riyals of accumulated losses.”
The company said in a statement today to “Tadawul” that the recommendation of capital reduction is subject to the approval of the relevant regulatory authorities and the unusual general assembly, indicating that it will appoint a financial advisor regarding the reduction of capital and the announcement of this, and also will be announced at a later time when submitting a file of requesting the company’s capital to the Capital Market Authority to obtain its approval.
This comes as an indication of the United Cooperative Insurance Company announced on the Saudi Stock Exchange platform “Tadawul” on 08 Jumada Al -Akhera 1446 AH corresponding to December 09, 2024 AD about the recommendation of the Board of Directors to reduce the company’s capital from (400) million riyals to (300) million riyals by restructuring the company’s capital and extinguishing the amount of (100) million riyals from the accumulated losses.
Whereas, on the 13th of Dhu al -Qi’dah 1446 AH, corresponding to May 11, 2025 AD, the company also announced the accumulated losses of the company’s shareholders to 218.9 million riyals until the date of March 31, 2025 AD due to the decrease in insurance revenues and the increase in public and administrative expenses and insurance services expenses.
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