Logo of Saudi Enaya Cooperative Insurance Co.

Saudi Enaya Cooperative Insurance Co. received on Aug. 31 the Saudi Central Bank’s (SAMA) approval to reduce its capital by SAR 50 million to SAR 100 million.

 

The company will continue to fulfill all the requirements of the other official authorities, and will announce any future updates, Saudi Enaya said in a statement to Tadawul.

 

Earlier this month, Saudi Enaya’s board of directors changed its recommendation to reduce capital, to partially offset accumulated losses, by SAR 50 million (or 33.3% of capital), Argaam earlier reported.

 

Capital Reduction Highlights

Current Capital

SAR 150 mln

Number of Shares

15 mln

New Capital

SAR 100 mln

New Number of Shares

10 mln

Reduction (%)

33.3% (canceling one share for every three shares held)

Reason

To restructure the company's capital to write off SAR 50 million accumulated losses

Date of Reduction

Close of the second trading day after the EGM date

Method

Writing off 5 million shares
 

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