CMA approves Saudi Enaya capital hike via SAR 150M rights issue

Logo of Saudi Enaya Cooperative Insurance Co.

The Capital Market Authority (CMA) approved Saudi Enaya Cooperative Insurance Co.'s capital hike request via a SAR 150 million rights issue, according to a statement today, Sept. 10

Subscription eligibility will be limited to shareholders registered with the Security Depository Center (Edaa) as of the closing of the second trading day after the extraordinary general meeting (EGM), the date for which is yet to be set by the board of directors.

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The offering price and the number of shares on offer shall be determined by the company after the close of trading on the same day the EGM is due. The rights issue prospectus will be published and made available to the public later.

The company's board recommended, on Dec. 10, 2023, to increase capital via a SAR 150 million right issue, bringing the new capital to SAR 380 million, according to Argaam's data.

Through the capital top-up, Saudi Enaya aims to comply with the minimum capital requirements for insurance companies, in addition to supporting its future plans and solvency margins.