Riyadh – Mubasher: The board of Saudi Enaya Cooperative Insurance Company recommended on 6 July 2026 a significant capital restructuring involving a capital cut followed by a rights issue.

The board proposed reduction will lower the company’s capital by 32.72% from SAR 230 million to SAR 154.75 million, according to a bourse filing.

The reduction will be achieved by canceling SAR 75.25 million of capital through a reduction in the nominal value per share from SAR 10 to SAR 6.73.

The company stated the primary objective is to restructure the capital to extinguish accumulated losses. This move will not impact the insurer's financial obligations or operational performance.

Following the completion of the capital cut, Saudi Enaya plans to increase its capital to SAR 314.75 million through a SAR 160 million rights issue.

This 103.39% increase aims to meet the minimum capital requirements set by the Insurance Authority (IA). The total number of shares is expected to reach 46,779,830 following the increase.

Alawwal Capital has been appointed as the financial advisor for both transactions. The proposals remain subject to approvals from the Capital Market Authority (CMA) and the extraordinary general assembly.

The listed company was granted the Insurance Authority’s approval to extend the deadline for its commitment to minimum capital requirements.