Saudi Enaya Cooperative insurance Co.’s (Enaya) shareholders are set to vote on a 50% capital cut to offset accumulated losses during the extraordinary general meeting (EGM) that will be held April 22, 2020, according to a bourse filing on Thursday.

 

Earlier in April, the Capital Market Authority (CMA) approved Enaya’s request to reduce its capital from SAR 300 million to SAR 150 million. The number of shares will be cut from 30 million to 15 million.

 

In January, the insurer’s board of directors recommended a 50% capital cut.

 

Key Figures of the Capital Reduction

Current Capital

SAR 300 mln

Number of shares

30 mln shares

Reduction (%)

50%

New Capital

SAR 150 mln

New number of shares

15 mln shares

Method

Cancellation of 15 mln shares

Driver

To restructure capital and offset SAR 150 mln in accumulated losses

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