Saudi Enaya Cooperative Insurance Co. appointed Aljazira Capital on Wednesday as a financial advisor to manage the company's capital reduction.
The process will be completed after obtaining the approvals from Saudi Arabian Monetary Agency (SAMA) and the Capital Market Authority (CMA), the insurer said in a statement to Tadawul.
Last month the company’s board recommended a capital reduction of 50 percent to SAR 200 million from SAR 400 million (1:2 shares), according to data compiled by Argaam.
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