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Al Ahlia capital reduction gets shareholder approval

The shareholders of Saudi Arabia-based Al Ahlia for Cooperative Insurance Co. have cleared a plan to reduce the company's capital by 23.13% to 123 million riyals from 160 million riyals, according to Argaam.

The capital reduction was proposed in March to offset accumulated losses. Separately, the Saudi Stock Exchange said the basis for Al-Ahlia's fluctuation limits will be a share price of 13.58 riyals.

The company will be suspended from Sept. 19 through Sept. 22, according to the report.

As of Sept. 19, US$1 was equivalent to 3.75 Saudi Arabian riyals.