Saudi Enaya says accumulated losses down to 7.8% of capital

Saudi Enaya Cooperative Insurance Co. said its accumulated losses fell to SAR 11.71 million as of April 30, 2020, representing 7.8% of capital.

The decline in losses was attributed to cutting the company’s capital during April through writing off 15 million shares, the company said in a bourse statement.

Procedures of Saudi-listed companies with accumulated losses amounted to 20% or less of its capital will be applied, the statement added.

In April, shareholders of Saudi Enaya approved a 50% capital cut to SAR 150 million from SAR 300 million to offset accumulated losses, according to data compiled by Argaam.