Enaya shareholders to vote on capital cut June 10

Shareholders of Saudi Enaya Cooperative Insurance Co. are set to vote on capital cut in the extraordinary general assembly meeting scheduled for Jun. 10, the company said in a bourse statement on Monday.

The insurer plans to cut capital by 50 percent to SAR 100 million from SAR 200 million, in order to offset SAR 100 million in accumulated losses as on March 31, 2018.

The capital will be reduced through writing off 10 million shares.

The process will have no impact on Enaya’s liabilities, the statement added.

Shareholders will also decide on amending some articles of the company’s bylaws.