Saudi Enaya shareholders reject board’s capital hike proposal

Logo of Saudi Enaya Cooperative Insurance Co.

Saudi Enaya Cooperative Insurance Co.' shareholders disapproved the board’s recommendation to increase capital through SAR 150 million rights offering, during the extraordinary general meeting (EGM) held on Nov. 28, the company said in a statement to Tadawul.

 

Capital Hike Details

Current Capital

SAR 230 mln

Number of Shares

23 mln

Capital Increase

SAR 150 mln

New Capital

SAR 380 mln

Number of Shares after Increase

38 mln

Capital Increase (%)

65.2%

Reason

To comply with the minimum required capital of insurance companies, support future plans and financial solvency margin.

 

For More IPOs

 

Saudi Enaya’s board recommended on Dec. 10, 2023, capital increase to SAR 380 million through a SAR 150 million rights issue, data compiled with Argaam showed.

 

In the same month, Saudi Enaya shareholders rejected a merger proposal by United Cooperative Assurance Co., Argaam reported.

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