Saudi Enaya Cooperative Insurance Co. will begin its rights issue tomorrow, Dec. 17, to raise its capital to SAR 300 million from SAR 100 million, the company said in a bourse statement.

 

The rights will be tradable until Dec. 24, and subscription period will run until Dec. 27.

 

Shareholders approved on Dec. 12 a 200 percent capital hike through issuing two shares for every outstanding share, Argaam previously reported.

 

The capital increase aims to improve the company's solvency margin and support the financial position.

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