Riyadh – Mubasher: The extraordinary general meeting (EGM) of Saudi Enaya Cooperative Insurance approved the company’s capital decrease from SAR 400 million to SAR 200 million.

Accordingly, 1-for-2 shares’ cut is expected to be carried out for easing the company’s accumulated losses, thus slashing the total number of shares by half from 40 million to 20 million.

The capital reduction will not have any impact on the registered shareholder's financial obligation, according to a bourse filing on Wednesday.

The meeting also agreed on amending the company’s articles of association to conform to the new capital.