Riyadh - Mubasher: The board of Amana Cooperative Insurance Company recommended a 30% reduction in the company’s capital to restructure its finances and extinguish accumulated losses.
Under the proposal, the capital will decrease from SAR 430 million to SAR 301 million.
The reduction will be achieved by lowering the nominal value of each share from SAR 10 to SAR 7. The company confirmed that the total number of issued shares will remain unchanged at 43 million.
The board’s decision, reached during a meeting on 10 August 2026, aims to write off SAR 129 million in accumulated losses.
Management stated that the capital restructuring will have no material impact on the company's liabilities, operations, or financial and operational performance.
The reduction is subject to approvals from the Capital Market Authority (CMA) and other relevant regulatory bodies, as well as the company's extraordinary general assembly.
The eligibility for the reduction will be determined at the end of the second trading day following the extraordinary general assembly meeting.
Amana Cooperative Insurance will appoint a financial advisor and announce further developments upon filing the official application with regulators.
In the first half (H1) of 2026, the company’s net losses after Zakat hiked to SAR 23.23 million from SAR 249,000 a year earlier.
