The Board of Directors of Saudi Enaya Cooperative Insurance Company has invited shareholders to attend and vote in the first Extraordinary General Assembly meeting, which includes deliberations on increasing the company’s capital. The meeting will be held remotely on Thursday, November 28, 2024, at 6:30 PM.
Agenda Highlights:
- Capital Increase Proposal: The Board recommends increasing the company’s capital by SAR 150 million through a rights issue.
- Purpose: To meet minimum capital requirements for insurance companies, support future business plans, and bolster the solvency margin.
- Method: Issuing 15 million ordinary shares at an offer price of SAR 10 per share, at a ratio of 0.652 shares for each existing share.
- Eligibility: Shareholders owning shares as of the day of the assembly and recorded in the shareholder register at the Depositary Center at the close of the second trading day after the meeting.
The assembly will also vote on amending Articles 8 and 9 of the company’s bylaws related to capital and share subscription. Electronic voting will open at 1:00 AM on Sunday, November 24, 2024, and remain open until the assembly concludes.
