Saudi Enaya shareholders to vote on SAR 130 mln rights issue on Nov. 6

Logo of Saudi Enaya Cooperative Insurance Co.

Saudi Enaya Cooperative Insurance Co.'s shareholders will vote on a 130% capital increase through offering a SAR 130 million rights issue, during the extraordinary general meeting (EGM) slated for Nov. 6, according to a statement to Tadawul.

Capital Hike Details
Current Capital	SAR 100 mln
Number of Shares	10 mln
Capital Hike (%)	130% (1.3 rights for each one share held)
Capital after Increase	SAR 230 mln
Number of Shares after Increase	23 mln
Method	Issuing 13 mln shares
Reason	Supporting future plans and boosting financial solvency margin
Record Date	Shareholders of record on the EGM date and those registered with Edaa at the end of trading day following the EGM date

In August, the board approved increasing capital following a capital reduction, through a SAR 130 million rights issue, according to data compiled by Argaam.

In October, shareholders approved the board’s recommendation to reduce capital by 33.33% from SAR 150 million to SAR 100 million, to restructure capital and offset SAR 50 million of accumulated losses.

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