Riyadh – Mubasher: Saudi Arabia’s Enaya Cooperative Insurance said Wednesday its board of directors recommended decreasing capital by 50% to SAR 200 million ($53.33 million) from SAR 400 million ($106.67 million), according to an issued statement.
The Saudi firm clarified that the capital decrease is aimed for restructuring the company to be in line with the new corporate system.
No financial impact will result from the capital reduction, the company said, noting that stake of each shareholder will remain the same.
