Saudi Enaya submits capital hike request to CMA

Reuters Images/Faisal Al Nasser

The insurance firm plans to raise its capital by offering rights issues shares amounting to SAR 150 million, according to a bourse disclosure

Staff Writer, Mubasher

April 18, 2024

PHOTO

Saudi Enaya Cooperative Insurance Company submitted an application file to the Capital Market Authority (CMA) to increase its capital to SAR 380 million on 17 April 2024.

The insurance firm plans to raise its capital by offering rights issues shares amounting to SAR 150 million, according to a bourse disclosure.

In 2023, the company shifted to net profits after Zakat attributable to shareholders valued at SAR 20.22 million, against net losses valued at SAR 6.35 million in 2022.

Insurance revenues jumped by 10.55% to SAR 250.88 million in 2023 from SAR 226.93 million a year earlier.

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