Saudi Enaya Cooperative Insurance Co. approved, on April 22, a 50% capital cut to SAR 150 million from SAR 300 million to offset accumulated losses.

 

The capital cut will be through writing off 15 million shares, the company said in a bourse statement. 

 

In January, the insurer’s board of directors recommended a 50% capital cut.

 

Key Figures of the Capital Reduction

Current Capital

SAR 300 mln

Number of shares

30 mln shares

Reduction (%)

50%

New Capital

SAR 150 mln

New number of shares

15 mln shares

Method

Cancellation of 15 mln shares

Driver

To restructure capital and offset SAR 150 mln in accumulated losses

 

The fluctuation limit after capital reduction will be based on a share price of SAR 18.20, the statement added.

 

The company’s shares will be suspended for 2 business days, starting today April 23, until the Securities Depository Center Co. (Edaa) reflects the capital cut on shareholders’ portfolios.

 

Trading suspension will be lifted on Sunday April 26, 2020.

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