Riyadh – Mubasher: The extraordinary general meeting (EGM) of Saudi Enaya Cooperative Insurance will meet on 18 October to vote on the company’s capital decrease from SAR 400 million to SAR 200 million.
Accordingly, 1-for-2 shares’ cut is expected to be carried out for easing the company’s accumulated losses, thus slashing the total number of shares by half from 40 million to 20 million, according to a bourse filing.
The EGM was supposed to meet on 3 October but the meeting was postponed for uncompleted quorum.
The meeting will also discuss amending the company’s articles of association to conform to the new capital.
Earlier, the Capital Market Authority (CMA) approved a request to reduce the insurance firm’s capital, pending the extraordinary meeting’s approval.
