Saudi Enaya Cooperative insurance Co.’s (Enaya) shareholders are set to vote on a proposed 200 percent capital hike to SAR 300 million on Dec. 12, 2018, the company said in a bourse statement.
According to data compiled by Argaam, the Capital Market Authority (CMA) approved in November the increase of capital by SAR 200 million through rights issue.
Last week, the insurer has issued its rights issue prospectus and set the price per share at SAR 10.
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Key Figures of the Capital Hike |
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Current Capital |
SAR 100 mln |
|
Number of shares |
10 mln shares |
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Hike (%) |
200% |
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New Capital |
SAR 300 mln |
|
Number of shares after capital hike |
SAR 30 mln |
|
Use of proceeds |
To maintain required solvency margin and support the company's growth. Shareholders will not get any rights issue proceeds. |
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