Enaya files for 50% capital cut to offset losses

Saudi Enaya Cooperative Insurance (Enaya) submitted today, March 25, a capital reduction request to the Capital Market Authority (CMA), according to a bourse statement.

Early January, the company’s board of directors recommended a 50% capital cut to SAR 150 million through cancelling 15 million shares, to restructure the company’s capital and offset accumulative losses.

The relevant updates will be announced in due course, the statement added.