Saudi Enaya seeks CMA nod for capital cut

16/05/2018 Argaam

Saudi Enaya Cooperative Insurance on Tuesday filed for regulatory approval of its planned 50 percent capital reduction, the company said in a bourse statement.

 

The filing was submitted to Capital Market Authority (CMA).

 

Last week, the insurer’s board of directors recommended a 50 percent capital reduction to SAR 100 million from SAR 200 million to offset accumulated losses, Argaam previously reported.

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