Arabia Insurance gets CMA nod for capital reduction

03/05/2016 Argaam

Saudi Arabia’s Capital Market Authority (CMA), the kingdom’s market regulator, approved Arabia Insurance Cooperative Company’s (AICC) request to reduce its capital by 33.75 percent to SAR 265 million from SAR 400 million.

 

The company will cancel 13.5 million shares (one share for each 2.96 outstanding shares) as part of the process.

 

Approval from the company’s general assembly is still required to complete the capital reduction, the CMA said in a statement. 

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