Saudi Enaya Cooperative Insurance Co. has received approval from the Saudi Arabian Monetary Authority (SAMA), the insurance market regulator and central bank, to cut its statutory deposit as the company has reduced its capital.
The deposit will drop to SAR 30 million from SAR 40 million, or 15 percent of the company’s capital, the insurer said in a statement to the bourse, Tadawul.
In October, the company approved a 50 percent capital reduction from SAR 400 million to SAR 200 million.
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