Riyadh – Mubasher: The shareholders of Saudi Enaya Cooperative Insurance Company have agreed to decrease its capital by 33.33% to SAR 100 million from SAR 150 million.

The capital reduction will be carried out by cancelling 5 million shares, equivalent to one share for every three owned shares, according to a bourse filing.

Consequently, the number of shares will stand at 10 million shares, instead of 15 million shares.

Saudi Enaya pointed out that the capital cut will not affect its financial obligations.

The board had recommended the capital decrease process to amortise SAR 50 million of the accumulated losses. Meanwhile, the shareholders granted their approval for the cut proposal during the extraordinary general meeting (EGM) that was held on 18 October 2022.

Last month, the Capital Market Authority (CMA) passed the insurer’s capital reduction.