Saudi Enaya shareholders to vote on 33.33% capital cut on Oct. 18

Logo of Saudi Enaya Cooperative Insurance Co.

Saudi Enaya Cooperative Insurance Co.’s shareholders will vote on the board’s recommendation to reduce capital by 33.33% from SAR 150 million to SAR 100 million, during the extraordinary general meeting (EGM) scheduled for Oct. 18, according to a bourse filing.

Capital Reduction Details
Current Capital	SAR 150 mln
Number of Shares	15 mln
New Capital	SAR 100 mln
New Number of Shares	10 mln
Reduction (%)	33.3% (canceling one share for every three shares held)
Reason	To restructure the company's capital and offset SAR 50 million accumulated losses
Date of Reduction	End of the second trading day after the EGM date
Method	Writing off five million shares

In August, the company’s board of directors also recommended a subsequent capital increase of SAR 130 million through a rights issue.

Post-increase capital will amount to SAR 230 million, which will support the company's future plans and enhance its solvency margin.

Capital Increase Details
Current Capital	SAR 100 mln
Number of Shares	10 mln
New Capital	SAR 230 mln
Number of Shares	23 mln
Increase (%)	130% (1.3 rights shares for each one)
Capital Increase Method	Issuing 13 million shares
Reason for Increase	To support the company's future plans and enhance solvency margin

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Saudi Enaya board amends capital cut proposal to 33.3%, SAR 130 mln rights issue

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