Completion of the Share Capital Decrease of the Al-manara Insurance Co.
Date: 04/07/2017
| On Tuesday 04/07/2017 the SDC completed the process of decreasing the share capital of (2,000,000) shares of the Al-manara Insurance Company. The share capital decrease was performed through: | |
| 1. | Decreasing the share capital of (220,964) JOD/share which is the nominal value of the treasury shares. |
| 2. | Decreasing the amount of (951,595) JOD/share to redeem the losses resulted from calling the treasury shares. |
| 3. | Decreasing the amount of (827,441) JOD/share to redeem the balance of the accumulated losses as of 31/12/2016. |
| Thereby, the SDC record of the Al-manara Insurance Company indicates the decrease of its capital from (7,000,000) shares to a registered capital of (5,000,000) shares as a result of the mentioned share capital decrease. | |
| The above mentioned procedure is conducted based upon the company's General Assembly's resolution made in its extraordinary meeting held on 24/04/2017 which was granted the approval of the Ministry of Industry, Trade, and Supply on 20/06/2017. | |
