Logo of Saudi Enaya Cooperative Insurance Co.
Saudi Enaya Cooperative Insurance Co. received on Aug. 31 the Saudi Central Bank’s (SAMA) approval to reduce its capital by SAR 50 million to SAR 100 million.
The company will continue to fulfill all the requirements of the other official authorities, and will announce any future updates, Saudi Enaya said in a statement to Tadawul.
Earlier this month, Saudi Enaya’s board of directors changed its recommendation to reduce capital, to partially offset accumulated losses, by SAR 50 million (or 33.3% of capital), Argaam earlier reported.
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Capital Reduction Highlights |
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Current Capital |
SAR 150 mln |
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Number of Shares |
15 mln |
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New Capital |
SAR 100 mln |
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New Number of Shares |
10 mln |
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Reduction (%) |
33.3% (canceling one share for every three shares held) |
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Reason |
To restructure the company's capital to write off SAR 50 million accumulated losses |
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Date of Reduction |
Close of the second trading day after the EGM date |
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Method |
Writing off 5 million shares |
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