Riyadh - Mubasher: Saudi Capital Market Authority (CMA) approved Enaya Cooperative Insurance Company's request to reduce its capital to SAR 200 million from SAR 400 million.
Upon capital decrease, the company's shares will be consequently reduced to 20,000 shares from 40,000, according to a bourse filing on Thursday.
CMA stated that its approval is conditional on the company's extraordinary general meeting's (EGM) approval and the completion of necessary regulatory procedures.
In April, Enaya's board recommended decreasing its capital by 50% to restructure the company to be in line with the new corporate system.
