Saudi Enaya board approves SAR 300 mln rights issue to raise capital

Logo of Saudi Enaya Cooperative Insurance Co.

Saudi Enaya Cooperative Insurance Co.'s board of directors approved in a meeting held, on May 19, increasing capital through a rights issue worth SAR 300 million, according to a bourse filing.

The capital increase is aimed to support the company's future plans and boost its solvency margin.

The capital top-up is subject to the approval of Saudi Central Bank (SAMA), the Capital Market Authority (CMA), and other regulatory authorities, in addition to the approval of the company's extraordinary general assembly meeting (EGM). 

Entitlement to the capital increase will be to shareholders of record on the EGM date and registered with the Securities Depository Center (Edaa) at the end of the second trading day following the EGM date. 

The company also noted that the appointment of the financial advisor and application for the capital increase with the CMA will be announced later.