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Amana Insurance Suggests 30% Capital Cut to Cover 129M Riyals Losses
Amana Cooperative Insurance Company has recommended a 30% reduction of its capital, in order to offset accumulated losses amounting to 129 million Riyals. The nominal value per share has been adjusted from 10 Riyals to 7 Riyals, while the total number of shares remains at 43 million. This step is intended to be presented to the Extraordinary General Assembly of shareholders and is subject to regulatory approvals from the Capital Market Authority and other relevant authorities. The purpose of the reduction is to improve the company's financial position without affecting its operational obligations or financial performance, pending final approval for implementation.
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