Saudi Enaya files for CMA approval on capital increase via rights issue

Logo of Saudi Enaya Cooperative Insurance Co.

Saudi Enaya Cooperative Insurance Co. submitted the file on a capital increase via rights issue for the Capital Market Authority’s (CMA) approval on Oct. 11, according to a bourse statement.

The capital increase is subject to the approvals from relevant regulatory authorities, in addition to the approval of the company's extraordinary general assembly.

Relevant updates will be duly revealed, the statement added.

The company’s shareholders will vote on Oct. 18 on the board’s proposal for reducing capital by 33.33% to SAR 100 million from SAR 150 million, Argaam earlier reported.

In August, the board of directors recommended a SAR 130 million rights issue to raise capital to SAR 230 million to support the company’s future plans and boost its financial solvency.

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