Enaya GA reduces capital to SR100 mln to amortize accumulated losses

The Board of Directors of Saudi Enaya Cooperative Insurance Company announced on Wednesday the results of the Extraordinary General Assembly Meeting (the second meeting), which was held on Tuesday 18/10/2022, in the presence and through modern technology means due to incomplete quorum required for the first meeting.
Voting Results on the Items of the General Assembly’s Meeting Agenda’s:
1- Approving the Board’ recommendation regarding the decrease of the Company’s capital, as the following:
– Capital before decrease: SR150,000,000.
– Capital after decrease: SR100,000,000.
– 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.
2- Approving amending article no. (8) of the company’s bylaw on the company’s capital