Enaya Insurance BOD recommends Capital Increase by offering right shares, by SAR 150 million

Saudi Enaya Cooperative Insurance Co. announced the Board’s recommendation to increase the Capital by offering the right issues by SAR 150 million to make the new capital SAR 380 million.

Aiming at compliance with the minimum capital requirements for insurance companies, supporting the company’s future plans and supporting the solvency margin.

The company stated on Monday on Tadawul that eligibility for shareholders holding shares on the date of the Extraordinary General Assembly meeting in which capital increase through the issuance of is resolved and whose names so appear in the register of the Issuer’s Shareholders at the Depository Centre will be at the end of the second trading day following the date of the General Assembly’s Meeting.

Clarifying that the Capital Increase is Subject to Insurance Authority and Capital Market Authority and other regulatory authorities’ approvals in addition to the approval of the company’s Extraordinary General Assembly.

Adding that announcements will be made later upon appointing a financial advisor for offering, as well as upon submitting the request for capital increase to the Capital Market Authority for approval.