Edaa implements procedures to reduce Saudi Enaya’s capital

Logo of Saudi Enaya Cooperative Insurance Co.

The Securities Depository Center Co. (Edaa) started reducing today, Oct. 23, the number of shares in the accounts of Saudi Enaya Cooperative Insurance Co.’s eligible shareholders, according to a Tadawul statement.

During the extraordinary general meeting (EGM) held on Oct. 18, shareholders approved the board’s recommendation to reduce capital by 33.33% from SAR 150 million to SAR 100 million, according to Argaam.

It is scheduled that the insurer’s shares will be re-traded in the market as of today, after being suspended for two trading sessions for the capital cut’s implementation.