CMA approves Saudi Enaya’s capital reduction

Reuters/REUTERS

The reduced capital will be distributed over 10mln shares, compared to 15mln shares prior to the cut

Staff Writer, Mubasher

September 23, 2022

PHOTO

Riyadh – The Capital Market Authority (CMA) greenlighted Saudi Enaya Cooperative Insurance Company’s request to decrease the capital to SAR 100 million from SAR 150 million.

The reduced capital will be distributed over 10 million shares, compared to 15 million shares prior to the cut, according to a recent bourse filing.

Last July, the listed firm extended its health insurance agreement with Dr. Soliman Fakeeh Hospital (DSFH) at a total value of SAR 28.82 million.

During the first half (H1) of 2022, Saudi Enaya incurred net losses before Zakat worth SAR 13.99 million, down 52.87% from SAR 29.69 million in H1-21.

The loss per share plummeted to SAR 0.97 in H1-22 from SAR 2.08 in H1-21.

Meanwhile, the accumulated losses amounted to SAR 105.74 million as of 30 June 2022, accounting for 70.50% of the SAR 150 million capital.

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