Logo of Saudi Enaya Cooperative Insurance Co.
Saudi Enaya Cooperative Insurance Co.'s shareholders will vote on a 130% capital increase through offering a SAR 130 million rights issue, during the extraordinary general meeting (EGM) slated for Nov. 6, according to a statement to Tadawul.
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Capital Hike Details |
|
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Current Capital |
SAR 100 mln |
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Number of Shares |
10 mln |
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Capital Hike (%) |
130% (1.3 rights for each one share held) |
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Capital after Increase |
SAR 230 mln |
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Number of Shares after Increase |
23 mln |
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Method |
Issuing 13 mln shares |
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Reason |
Supporting future plans and boosting financial solvency margin |
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Record Date |
Shareholders of record on the EGM date and those registered with Edaa at the end of trading day following the EGM date |
In August, the board approved increasing capital following a capital reduction, through a SAR 130 million rights issue, according to data compiled by Argaam.
In October, shareholders approved the board’s recommendation to reduce capital by 33.33% from SAR 150 million to SAR 100 million, to restructure capital and offset SAR 50 million of accumulated losses.
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