Tadawal-listed Enaya Cooperative Insurance Company (Enaya) has announced that its shareholders have approved a 50 per cent capital cut.
Enaya’s capital will decrease to SAR 100 million from SAR 200 million, while its shares will decline to 10 million from 20 million.
The capital reduction aims at amortising accumulated losses and it will not impact on its commitments.
The Saudi insurance company’s EGM also approved to amend the eighth item of its Articles of Association.
Enaya last reported a SAR 103.3 million during the Q1 of 2018, compared to SAR 6.56 million in Q1 of 2017.