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United Cooperative Assurance Co. Announces Board's Recommendation to Decrease the Company's Capital
8190
UCA
-0.20
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1446/06/08 09/12/2024 08:49:42
| Element List | Explanation |
|---|---|
| Introduction | The United Cooperative Assurance Company announces the Board of Directors recommendation to the company’s Extra-Ordinary General Assembly Meeting to reduce the company’s capital in the board’s meeting held on Sunday 07 Jumada II 1446H corresponding to 08 December 2024 |
| Date of Board Meeting | 2024-12-08 Corresponding to 1446-06-07 |
| Capital before decrease | SAR 400,000,000 |
| Capital after decrease | SAR 300,000,000 |
| Percentage of Capital decrease | 25 % |
| Number of Shares before Decrease | 40000000 |
| Number of Shares after Decrease | 30000000 |
| Reasons for the Capital Decrease | Restructuring the company's capital by writing-off an amount of SAR 100,000,000 (One Hundred Million Saudi Riyals) from the accumulated losses. |
| Method of Capital Decrease | Cancellation of 10,000,000 shares of the Company's shares at a discount of 0.25 share for each share. |
| Impact of the Capital Decrease on the Company's Obligations, Operations or Operational, Financial or Organizational Performance of the Company | There is no material impact from the capital reduction on the company’s financial, operational, regulatory obligations, operations, or performance, and the ownership percentage of any shareholder will not change as a result of the capital reduction. |
| Date of reduction | End of second trading day following the convening of the Extra-Ordinary General Assembly in which capital reduction is decided. |
| Approvals | The board’s recommendation is subject to the approval of the relevant official authorities and the company’s Extra-Ordinary General Assembly. |
| Appointment of a Financial Advisor and the Submission of the Application for Capital Decrease to CMA | An announcement will be made later when the financial advisor is appointed, as well as when the capital reduction application file is submitted to the Capital Market Authority for approval. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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Last Price 10.02
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