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Saudi Enaya appoints financial advisor for capital cut

Saudi Enaya appoints financial advisor for capital cut
The company plans 50% capital reduction to offset accumulated losses
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Riyadh – Mubasher: Saudi Enaya Cooperative Insurance Company announced that it has appointed Aljazira Capital as a financial advisor for its proposed capital cut.

Enaya announced earlier that the company’s board of directors has recommended decreasing the company’s capital by 50% from SAR 300 million to SAR 150 million, through the cancellation of 15 million shares to offset SAR 150 million of accumulated losses.

Moreover, the company announced the resignation of board member Johan Michael Bitzer for personal reasons, in a separate statement to the Saudi Stock Exchange (Tadawul) on Sunday.

The insurance firm 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.