ACIG says accumulated losses fully reduced after capital cut
16/09/2020
Argaam
Allied Cooperative Insurance Group (ACIG) said accumulated losses dropped to zero, upon completing the capital reduction, according to a bourse filing.
In August, shareholders approved a 29.5% capital cut to SAR 141 million from SAR 200 million during the extraordinary general assembly meeting (EGM) held on August 26, 2020.
The capital cut was planned to offset accumulated losses through writing off 5.9 million shares.
|
Key Figures of the Capital Reduction |
|
|
Current Capital |
SAR 200 mln |
|
Number of shares |
20 mln shares |
|
Reduction (%) |
29.5% (1 for every 3.3898 shares) |
|
New Capital |
SAR 141 mln |
|
New number of shares |
14.1 mln shares |
|
Method |
Writing off 5.9 mln shares |
|
Reason |
To offset SAR 59 mln accumulated losses |
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