Saudi Enaya GA refuses to proceed with liquidating, approves capital increase procedures

The Board of Directors of Saudi Enaya Cooperative Insurance Company, announced on Monday the results of the Extraordinary General Assembly Meeting (Second Meeting), which was held on 21/08/2022, an hour after the specified period from the first meeting, due to the incomplete quorum required for the first meeting.
The voting results on the items of the General Assembly’s Meeting Agenda’s:
1- Approving to direct the company to proceed with the capital increase procedures and obtain the approval of the relevant authorities.
2- Not approving to direct the company to proceed for liquidating the company and to obtain the approval of the relevant authorities.
The company clarified that if the assembly decides to increase the capital after taking official approvals from the relevant authorities, and the subscription for each capital increase has not taken place within ninety days from the issuance of the assembly’s decision to proceed with the capital increase procedures, the financial restructuring procedures will be entered into.