CMA approves Enaya capital hike via SAR 150M rights issue

10/09/2024 Argaam
Logo ofSaudi Enaya Cooperative Insurance Co.

Logo of Saudi Enaya Cooperative Insurance Co.

The Capital Market Authority (CMA) approved Saudi Enaya Cooperative Insurance Co.'s request to increase its capital 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.

 

For More IPOs

 

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 the capital by offering right issue of SAR 150 million, bring the new capital to SAR 380 million.

 

Through the capital increase, Enaya aims to comply with the minimum capital requirements for insurance companies, in addition to supporting plans and solvency margins, according to Argaam's data.

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