Saudi Enaya Cooperative Insurance Co. on Thursday submitted its request to increase capital through a rights issue to the Capital Market Authority (CMA) and the Saudi Stock Exchange (Tadawul), the insurer said in a bourse statement.

 

In December, Saudi Enaya’s board of directors recommended a capital increase through a SAR 200 million rights issue.

 

The insurer’s  general assembly in June approved cutting capital to SAR 100 million from SAR 200 million to offset accumulated losses.

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