Enaya proposes SAR 150M capital hike via rights issue

Logo of Saudi Enaya Cooperative Insurance Co.

Saudi Enaya Cooperative Insurance Co.’s board recommended on Dec. 10, a capital increase to SAR 380 million through a SAR 150 million rights issue.

Through the capital increase, Enaya aims to comply with the minimum capital requirements for insurance companies, in addition to supporting plans and solvency margins, it said in a statement to Tadawul.

Shareholders on the day of the extraordinary general meeting (EGM) are eligible along with those registered with Edaa at the end of the second day following the EGM.

The capital increase is subject to the approvals of Insurance Authority, Capital Market Authority (CMA) and other regulatory authorities, in addition to the EGM approval.

Announcements will be made upon appointing a financial advisor for the offering, as well as upon submitting the request for capital increase to the CMA for approval.

Enaya shareholders recently refused approval for the merger offer by United Cooperative (Assurance) Co. (UCA), Argaam reported.