Saudi Enaya Cooperative Insurance Co.’s (Saudi Enaya) board of directors recommended a 50% capital reduction to SAR 150 million from SAR 300 million to offset accumulated losses, the insurer said in a statement on Tadawul.
There is no significant impact of the capital reduction on the company's liabilities or operations, the statement added.
The process is pending approval from the general assembly and regulator.
|
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 |
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}