Saudi Enaya appoints financial advisor for capital cut

The company plans 50% capital reduction to offset accumulated losses

  
A Saudi trader monitors stocks at the Saudi stock market in Riyadh, Saudi Arabia, January 8, 2020.

A Saudi trader monitors stocks at the Saudi stock market in Riyadh, Saudi Arabia, January 8, 2020.

REUTERS/Ahmed Yosri

Riyadh – Saudi Enaya Cooperative Insurance Company announced that it has appointed Aljazira Capital as a financial advisor for its proposed capital cut.

Enaya announced earlier that the company’s board of directors has recommended decreasing the company’s capital by 50% from SAR 300 million to SAR 150 million, through the cancellation of 15 million shares to offset SAR 150 million of accumulated losses.

Moreover, the company announced the resignation of board member Johan Michael Bitzer for personal reasons, in a separate statement to the Saudi Stock Exchange (Tadawul) on Sunday.

The insurance firm turned to losses during the third quarter (Q3) of 2019, reporting net losses of SAR 32.86 million, versus a profit of SAR 3.7 million in the corresponding period a year earlier.

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2019 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Equities