Saudi Enaya narrows accumulated losses to SAR 149 mln

05/07/2018 Argaam

 

Saudi Enaya Cooperative Insurance Co.’s accumulated losses have dropped below 50 percent to SAR 149 million, or 30.9 percent of capital, mainly due to its capital cut, it said in a statement to Tadawul .

 

Last month, the insurer’s general assembly approved a 50 percent capital reduction to SAR 100 million from SAR 200 million through the cancellation of 10 million shares, in order to offset accumulated losses.

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