Logo of Saudi Enaya Cooperative Insurance Co.
Saudi Enaya Cooperative Insurance Co.’s shareholders will vote on the board’s recommendation to reduce capital by 33.33% from SAR 150 million to SAR 100 million, during the extraordinary general meeting (EGM) scheduled for Oct. 18, according to a bourse filing.
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Capital Reduction Details |
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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 and offset SAR 50 million accumulated losses |
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Date of Reduction |
End of the second trading day after the EGM date |
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Method |
Writing off five million shares |
In August, the company’s board of directors also recommended a subsequent capital increase of SAR 130 million through a rights issue.
Post-increase capital will amount to SAR 230 million, which will support the company's future plans and enhance its solvency margin.
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Capital Increase Details |
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Current Capital |
SAR 100 mln |
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Number of Shares |
10 mln |
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New Capital |
SAR 230 mln |
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Number of Shares |
23 mln |
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Increase (%) |
130% (1.3 rights shares for each one) |
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Capital Increase Method |
Issuing 13 million shares |
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Reason for Increase |
To support the company's future plans and enhance solvency margin |
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