Saudi Central Bank agrees to increase capital of Enaya to SR230 mln

Saudi Enaya Cooperative Insurance Company announced on Sunday its receipt on Friday 07/10/2022) of the approval of the Saudi Central Bank to increase the company’s capital from SR100 million to SR230 million by offering priority rights shares.

The Central Bank of Saudi Arabia has stipulated that the company meets all the requirements of other official Entities, noting that the approval of the Central Bank is valid for six months from its date.

The Central Bank of Saudi Arabia should also be provided with a monthly update on the actions taken for the capital increase process.

This comes with reference to the announcement of Saudi Enaya Cooperative Insurance Company (Enaya) dated 18/08/2022 regarding the announcement of the recommendation of the Board of Directors to reduce the company’s capital and then increase the capital after the reduction.