Saudi Enaya Cooperative Insurance Co.’s (Saudi Enaya) board of directors has recommended a capital increase through a SAR 200 million rights issue, the insurer said in a statement to Tadawul.
The capital hike, which is pending regulatory and shareholder approval, aims to support future expansions and improve solvency.
The number of shares and the offering price will be determined upon obtaining the approval of the Capital Market Authority (CMA) and the Saudi Arabian Monetary Authority (SAMA).
Shareholders of record on the extraordinary general meeting date are entitled to subscribe to the capital hike.
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