Saudi Enaya gets SAMA nod for capital cut

Saudi Enaya Cooperative Insurance said it has received on Tuesday Saudi Arabian Monetary Authority’s (SAMA) no-objection letter on its proposed capital cut.

The company will complete all other regulatory approvals and processes in due course, the insurer said in a bourse statement.

Last week, Saudi Enaya’s board of directors recommended a 50 percent capital reduction to SAR 100 million from SAR 200 million to offset accumulated losses, Argaam previously reported.