Saudi Enaya shareholders to vote on 33.33% capital cut on Oct. 18
- Date: 27-Sep-2022
- Source: Argaam
- Sector:Financial Services
- Country:Saudi Arabia
Saudi Enaya shareholders to vote on 33.33% capital cut on Oct. 18
Saudi Enaya Cooperative Insurance Co.’s shareholders will vote on the board’s recommendation to reduce capital by 33.33% from SAR 150 million to SAR 100 million, during the extraordinary general meeting (EGM) scheduled for Oct. 18, according to a bourse filing.
In August, the company’s board of directors also recommended a subsequent capital increase of SAR 130 million through a rights issue.
Post-increase capital will amount to SAR 230 million, which will support the company's future plans and enhance its solvency margin.