Saudi Enaya to Convey Meeting before August 26 on Accumulated Losses or Dissolved by Force of Law

Saudi Enaya Cooperative Insurance Company announced on Wednesday that its accumulated losses exceeded 50% of the capital. accumulated losses have reached SR91,7M with 61.1% from the capital of SR150,000,000, and the company will follow the legal procedures required in this case.

The company said in a statement in case the above mentioned Extraordinary General Assembly Meeting is not convened within 180 days from the date of the Board of Directors’ Knowledge of the Losses (which ends on 26.08.2022) or in case the meeting is convened but no decision is taken, the company will be considered dissolved by Force of Law as per Article 150 of the Companies Law.

The company added that the date the period given to the board to invite the extraordinary general assembly for a meeting ends as per Article 150 of the Companies Law is 27.04.2022.