Saudi Enaya faces tight deadline to cover losses

09/05/2018 Argaam

 

Saudi Enaya Cooperative Insurance Co. (Enaya) said it faces a tight deadline to hold an extraordinary general meeting to find a way to cover its accumulated losses.

 

The company's accumulated losses reached 74.50 percent of capital by the end of Q1 2018, or SAR 149 million.

 

As per market regulations, the company has to hold an extraordinary general meeting by no later than June 17 to resolve the issue, or face liquidation, Enaya said in a filing today.

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