Riyadh – Mubasher: Solidarity Saudi Takaful invited shareholders to attend the ordinary general meeting (OGM), which has been scheduled to 8 March to discuss a reduction of the company’s capital.
Attendees will vote on the board of directors’ recommendation to cut capital by 55% to SAR 250 million from SAR 555 million, the company said in a statement to the Saudi Stock Exchange (Tadawul) on Tuesday.
Solidarity pointed out that the decision is due to the recapitalisation plan, adding that the reduction will not affect its financial liabilities.
The company has already started carrying out the procedures needed to recover from the accumulated losses, it said.
The Solidarity Saudi Takaful Company last reported profits before zakat of SAR 4.73 million ($1.26 million) for January 2017.
Accumulated losses amounted to SAR 282.12 million by the end of January, making up 50.83% of the company’s capital.
