Saudi Enaya submits capital reduction application to CMA

Logo of Saudi Enaya Cooperative Insurance Co.

Saudi Enaya Cooperative Insurance Co. (Saudi Enaya) submitted today, Sept. 4, a request for capital reduction to the Capital Market Authority (CMA), the insurer said in a bourse filing.

The company will announce any future developments in due course.

The company’s board of directors recently amended its recommendation to reduce capital to write off part of accumulated losses by SAR 50 million, or 33.3% of capital, bringing it down to SAR 100 million, according to data available with Argaam.

On Aug. 31, Saudi Enaya received the Saudi Central Bank’s (SAMA) approval to reduce its capital by SAR 50 million to SAR 100 million.