Saudi Enaya Cooperative insurance Co.’s (Enaya) shareholders are set to vote on a proposed 200 percent capital hike to SAR 300 million on Dec. 12, 2018, the company said in a bourse statement.

 

According to data compiled by Argaam, the Capital Market Authority (CMA) approved in November the increase of capital by SAR 200 million through rights issue.

 

 Last week, the insurer has issued its rights issue prospectus and set the price per share at SAR 10.

 

Key Figures of the Capital Hike

Current Capital

SAR 100 mln

Number of shares

10 mln shares

Hike (%)

200%

New Capital

SAR 300 mln

Number of shares after capital hike

SAR 30 mln

Use of proceeds

To maintain required solvency margin and support the company's growth. Shareholders will not get any rights issue proceeds.

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