Saudi Enaya shareholders to vote on SAR 130 mln rights issue on Nov. 6

Logo of Saudi Enaya Cooperative Insurance Co.

Saudi Enaya Cooperative Insurance Co.'s shareholders will vote on a 130% capital increase through offering a SAR 130 million rights issue, during the extraordinary general meeting (EGM) slated for Nov. 6, according to a statement to Tadawul. 

 

Capital Hike Details

Current Capital

SAR 100 mln

Number of Shares

10 mln

Capital Hike (%)

130% (1.3 rights for each one share held)

Capital after Increase

SAR 230 mln

Number of Shares after Increase

23 mln

Method

Issuing 13 mln shares

Reason

Supporting future plans and boosting financial solvency margin

Record Date

Shareholders of record on the EGM date and those registered with Edaa at the end of trading day following the EGM date

 

In August, the board approved increasing capital following a capital reduction, through a SAR 130 million rights issue, according to data compiled by Argaam.

 

In October, shareholders approved the board’s recommendation to reduce capital by 33.33% from SAR 150 million to SAR 100 million, to restructure capital and offset SAR 50 million of accumulated losses.

 

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