Saudi insurer Enaya gets shareholders' approval to cut capital by $13m to recoup losses

RIYADH: Saudi Enaya Cooperative Insurance Co. received approval from its shareholders to reduce its capital by SR50 million ($13 million) to SR100 million.

Enaya is reducing its capital to amortize its accumulated losses, according to a bourse filing.

Upon the reduction, Enaya will increase its capital by SR130 million through a rights issue, bringing the company's capital to SR230 million, the company said earlier.

Following the issuance of the extraordinary general assembly resolution to reduce the company's capital, the exchange suspended trading for two trading sessions.