Riyadh – Mubasher: Saudi Enaya Cooperative Insurance Company recorded a 61.66% coverage of its rights issue and new shares subscription at a value of SAR 80.15 million.

A total of 8.01 million shares out of 13 million shares were subscribed, according to a bourse filing.

Meanwhile, the Tadawul-listed firm noted that the 4.98 million rump shares will be offered to institutional investors for subscription during 27-28 November 2022.

Last October, Saudi Enaya obtained the shareholders’ approval to reduce its capital to SAR 100 million from SAR 150 million.

The board proposed the 33.33% capital cut to offset accumulated losses worth SAR 50 million.