Thursday, August 18, 2016 at 9:24 AM
Thu Aug 18, 2016 09:24
The Capital Market Authority Approved Saudi Enaya Cooperative Insurance Company’s Request to Reduce its Capital
The CMA has issued its resolution approving Saudi Enaya Cooperative Insurance Company’s request to reduce its capital from SAR (400,000,000) to SAR (200,000,000), thus reducing the number of shares from (40,000,000) shares to (20,000,000) shares. This approval is conditional on the Company’s extraordinary general assembly approval and completion of the necessary procedures in relation to the applicable regulations.
Prior to the extraordinary general meeting, the company will publish a disclosure document to its shareholders related to the objectives and rationale of the capital reduction.The disclosure document will assist the investors in making a voting decision on the capital reduction.
