Saudi Arabia: Enaya approves 50% capital cut
Source: Middle East Insurance Review | Jul 2018
Shareholders of Saudi Enaya Cooperative Insurance Company (Enaya) approved a capital reduction of 50% during an extraordinary general meeting (EGM) in June.
Enaya’s capital will decrease to SAR100m ($26.7m) from SAR200m, while the number of shares will decline to 10m from 20m. The capital cut aims to amortise accumulated losses and the move will not impact the company’s commitments.
Enaya last reported a 1,476% y-o-y increase in its losses to SAR103.3m during the first quarter of 2018, compared to SAR6.65m in first quarter of 2017. M
SAR1 = $0.27