Enaya rights issue to start tomorrow

16/12/2018 Argaam

 

Saudi Enaya Cooperative Insurance Co. will begin its rights issue tomorrow, Dec. 17, to raise its capital to SAR 300 million from SAR 100 million, the company said in a bourse statement.

 

The rights will be tradable until Dec. 24, and subscription period will run until Dec. 27.

 

Shareholders approved on Dec. 12 a 200 percent capital hike through issuing two shares for every outstanding share, Argaam previously reported.

 

The capital increase aims to improve the company's solvency margin and support the financial position.

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