Saudi Enaya faces termination if EGM not held by April 30

Saudi Enaya Cooperative Insurance (Enaya) will face termination by April 30 under the Saudi Companies Law if it fails to hold an extraordinary general assembly meeting within 45 days from the date its board of directors was informed of losses or shareholders fail to pass a resolution.

The board of directors, being notified of the company’s accumulated losses on March 19, can invite shareholders to attend an extraordinary general assembly meeting no later than April 2.

In January, Enaya’s board of directors recommended a 50% capital cut to SAR 150 million from SAR 300 million through the cancellation of 15 million shares, to restructure the company’s capital and offset accumulative losses, according to data compiled by Argaam.