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Saudi Enaya board recommends 50% capital cut

Saudi Enaya board recommends 50% capital cut
The capital cut will be through the cancellation of 15 million shares
ENAYA
8311
-0.18% 11.32 -0.02

Riyadh – Mubasher: The board of Saudi Enaya Cooperative Insurance Company has recommended decreasing the company’s capital by 50% to SAR 150 million, down from SAR 300 million.

The capital cut will be through the cancellation of 15 million shares in order to offset SAR 150 million of accumulated losses, according to the company’s statement to the Saudi Stock Exchange (Tadawul).

It is worth noting that the recommendation is subject to the approval of the company’s next extraordinary general assembly meeting (EGM).

Enaya turned to losses during the third quarter (Q3) of 2019, reporting net losses of SAR 32.86 million, versus a profit of SAR 3.7 million in the corresponding period a year earlier.