CMA approves Saudi Enaya Cooperative Insurance request to increase capital by way of Rights Issue

The CMA has announced its resolution approving Saudi Enaya Cooperative Insurance Company’s request to increase its capital through a rights issue valued at SAR (150,000,000).

The increase will be limited to the shareholders who are registered in the shareholders’ registry at the Security Depository Center as of the closing of the second trading day after the extraordinary general assembly meeting, which will be determined by the Company’s board of directors at a later date.

The offering price and the number of shares offered for subscription will be determined by the Company after the market closes on the same day as the extraordinary general assembly meeting. After reviewing the Company’s application in light of the governing regulatory requirements and the quantitative and qualitative criteria applicable to all companies requesting a capital increase, the CMA has issued its resolution approving Saudi Enaya Cooperative Insurance Company’s capital increase request highlighted above. The rights issue prospectus will be posted and made available later.

An investment decision based on the Company’s board recommendation to increase its capital or the CMA’s approval without carefully reading the rights issue prospectus or thoroughly reviewing its content may involve high risk. Therefore, investors should carefully read the prospectus, which contains detailed information on the Company, the offering and risk factors. Thus, investors can evaluate the viability of investing in the offering, considering the associated risks. If the prospectus proves challenging to understand, consulting with an authorized financial advisor before any investment decision is recommended.

The CMA’s approval of the prospectus should never be considered a recommendation to participate in the offer or invest in the Company’s shares. It merely means that the legal requirements as per the Capital Market Law and its Implementing Regulations have been met.