Saudi Enaya Cooperative Insurance Co.’s accumulated losses have dropped below 50 percent to SAR 149 million, or 30.9 percent of capital, mainly due to its capital cut, it said in a statement to Tadawul .
Last month, the insurer’s general assembly approved a 50 percent capital reduction to SAR 100 million from SAR 200 million through the cancellation of 10 million shares, in order to offset accumulated losses.
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