Saudi Enaya shareholders greenlight start of capital increase process

Saudi Enaya Cooperative Insurance Co.’s shareholders approved that the company proceed with the capital increase procedures, and obtain the approvals of the competent authorities, during the extraordinary general meeting (EGM) held on Aug. 21.

However, shareholders disapproved that the insurer proceed with the dissolution of the company or seek relevant approvals, according to a bourse filing.

Meanwhile, if the shareholders decide to increase capital after obtaining the relevant approvals, and, in case, the capital increase was not fully subscribed in 90 days after the EGM decision, Saudi Enaya will start a financial restructuring process, the statement added.