October 18 … Saudi Enaya GA discusses BOD recommendation to reduce capital to SR100 mln

The Board of Directors of Saudi Enaya Cooperative Insurance Company hereby cordially invited the shareholders to attend, participate and vote in the first Extraordinary General Assembly meeting, which will be held in presence and virtually through the modern technology means using Tadawulaty System on Tuesday 18/10/2022.
Meeting Agenda
1- To vote on the Board’ recommendation regarding decrease of the Company’s capital, as the following:
Capital before decrease: SR150,000,000
Capital after decrease: SAR 100,000,000
Percentage of Capital decrease: 33.33%
Number of shares before decrease: 15,000,000 shares
Number of shares after decrease: 10,000,000 shares
Method of Capital decrease: Cancellation of 5,000,000 shares, as (1) share will be cancelled for every (3) shares
– The reason for the decrease: Restructuring the company’s capital to amortize a part of accumulated losses amounting to SR50,000,000
– There is no material impact of the Capital Decrease on the Company’s Financial Obligations
– Date of reduction: If the item is approved, the reduction decision will be effective on the shareholders of the company who own the shares on the day of the extraordinary general assembly held and registered in the company’s shareholders’ register with the Securities Depository Center Company (Depository Center) at the end of the second trading day following the date of the extraordinary general assembly at which the capital reduction was decided.
-To amend Article No. (8) of the Company’s Bylaw on Company’s capital
The shareholders registered in Tadawulaty services may vote on the items of the General Assembly agenda online starting from on Saturday 15/10/2022 and shall continue until the end of General Assembly meeting.
Eligibility for attendance registration and voting ends upon the convenience of the general assembly’s meeting. Eligibility for voting on the meeting agenda ends upon the counting committee concludes counting the votes.
Shareholders are welcomed to submit their questions during daily working hours from 8:00 am to 5:00 pm by communicating with the Investor Relations
The shareholder has the right to delegate another person to attend on his behalf by virtue of a written proxy, provided that the proxy is not a member of the board of directors or an employee of the company, and that it be certified by: Chambers of Commerce when the shareholder is affiliated with one of them or if the shareholder is a company, legal institution, or a bank Licensed or financial market institutions in the Kingdom, provided that the client has an account with the bank or the financial market institution that performs the attestation, or the notary public or the financial market institutions for documentation work.
The shareholder or his representative must provide the company with a copy of the power of attorney at least two days before the date of the assembly, and send it to (Jeddah- Enaya head office Mr. Mazen Jamil Shahawi) and the proxy must show the original power of attorney before the assembly, and all shareholders / proxy must bring identification.