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Saudi Enaya Cooperative Insurance Co. announced that if the extraordinary general assembly meeting (EGM) is not convened within 180 days from the date of the board of directors’ knowledge of the losses (which ends on Aug. 26, 2022) or in case the meeting is convened but no decision is taken, the company will be considered dissolved by force of law as per Article 150 of the Companies Law.

 

The insurer said in a bourse filing that the last day on which the board of directors can invite the EGM to convene to consider addressing the accumulated losses is April 28, 2022.

 

The board of directors was notified of the accumulated losses on Feb. 28.

 

According to data compiled by Argaam, Saudi Enaya announced, on March 1, that its accumulated losses reached 61.1% of the capital, amounting to SAR 91.7 million.

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Saudi Enaya’s accumulated losses reach 61.1% of capital

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