Saudi Enaya to pay compensations for unsubscribed shares of rights issue

Saudi Enaya Cooperative Insurance Co. said it will distribute on Thursday, Jan. 17, an amount of SAR 11.43 million, representing compensation for unsubscribed shares.

The amount will be paid to eligible shareholders who did not exercise their rights to subscribe to new shares during the company’s rights issue, the company said in a bourse statement.

Enaya held its rights issue during the period from Dec. 17, 2018 to Jan. 2, 2019, to raise capital to SAR 300 million from SAR 100 million, Argaam Reported earlier.

The insurer offered 20 million shares at SAR 10 each; and shareholders of record, owning one outstanding share were entitled to subscribe to two shares.