Riyadh – Mubasher: Saudi Enaya Cooperative Insurance Company (Enaya) on Monday announced that its shareholders had approved the board’s recommendation to trim capital by 50% during an extraordinary general meeting (EGM) held the previous day.

Enaya’s capital will decrease to SAR 100 million, from SAR 200 million, while the shares will decline to 10 million, from 20 million shares, according to a statement to the Saudi Stock Exchange (Tadawul).

The capital reduction aims at amortising accumulated losses, Enaya noted, adding that the move will not impact on its commitments.

The Saudi insurance company’s EGM also approved to amend the eighth item of its articles of association.

Enaya last reported a 1476% year-on-year increase in its losses to SAR 103.3 million during the first quarter of 2018, compared to SAR 6.56 million in Q1-17.

The stock inched down 0.11% to close Sunday at SAR 8.86.