Saudi Arabia: Saudi Enaya gets SAMA's nod to raise capital to SAR230m
Source: Middle East Insurance Review | Nov 2022
Saudi Enaya Cooperative Insurance received on 7 October the Saudi Central Bank’s (SAMA) approval to increase the company’s capital to SAR230m ($61.3m) from SAR100m by offering a rights issue. The approval is valid for six months.
In a statement to Tadawul, Saudi Enaya said SAMA stipulated that the company should fulfil the requirements of other official authorities.
Saudi Enaya will provide SAMA with the relevant updates on a monthly basis and will announce any future developments in due course.
In August, the board of directors recommended a SAR130m rights issue to raise capital to SAR230m to support the company’s future plans and boost its financial solvency. M