Saudi Enaya Cooperative Insurance Co. approved, on April 22, a 50% capital cut to SAR 150 million from SAR 300 million to offset accumulated losses.
The capital cut will be through writing off 15 million shares, the company said in a bourse statement.
In January, the insurer’s board of directors recommended a 50% capital cut.
|
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 |
The fluctuation limit after capital reduction will be based on a share price of SAR 18.20, the statement added.
The company’s shares will be suspended for 2 business days, starting today April 23, until the Securities Depository Center Co. (Edaa) reflects the capital cut on shareholders’ portfolios.
Trading suspension will be lifted on Sunday April 26, 2020.
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