The Capital Market Authority (CMA) approved the request of Saudi Enaya Cooperative Insurance Co. to cut capital from SAR 300 million to SAR 150 million, the company said in a bourse filing.
Thus, the number of shares will be cut from 30 million to 15 million.
The approval is subject to the company’s extraordinary general assembly, in addition to finalizing the necessary relevant procedures.
In January, Saudi Enaya’s board of directors recommended a 50% capital reduction to SAR 150 million from SAR 300 million to offset accumulated losses, Argaam reported.
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