Saudi Enaya shareholders approve capital increase via SAR 130 mln rights issue

07/11/2022 Argaam
Logo ofSaudi Enaya Cooperative Insurance Co.

Logo of Saudi Enaya Cooperative Insurance Co. 

Saudi Enaya Cooperative Insurance Co.’s shareholders approved the board’s recommendation to increase capital by a SAR 130 million rights issue, during the extraordinary general meeting (EGM) held on Nov. 6, according to a statement to Tadawul.

 

Capital Increase Details

Current Capital

SAR 100 mln

Number of Shares

10 mln

New Capital

SAR 230 mln

New Number of Shares

23 mln

Percentage of Increase

130% (1.3 rights for every one share)

Method

Issuing 13 mln shares

Reason

To support future plans and boost solvency

Record Date

Nov. 6, 2022, for shareholders registered with Edaa on the second trading day following the record date

 
The Saudi Exchange (Tadawul) announced that the fluctuation limits for Saudi Enaya will be based on a share price of SAR 15.90, and the outstanding orders will be canceled. Thus, Saudi Enaya rights will be deposited into applicable investor’s portfolios on Nov. 9.
 

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