Saudi Enaya Cooperative Insurance Company (Enaya) on Thursday said that its shareholders had approved raising capital by 200% to SAR 300 million, from SAR 100 million via right issue shares during an extraordinary general meeting (EGM) held the previous day.
Entitlement of dividends shall be for the shareholders who own shares at the end of the second trading day following the EGM date on 16 December, according to a statement to the Saudi Stock Exchange (Tadawul).
Enaya Cooperative Insurance further indicated that the capital increase aims to improve the firm’s solvency and support its fiscal position.
The EGM also voted on amending some of its articles of association which cope with the capital hike.
Earlier on Thursday, Tadawul announced fluctuation limits for Saudi Enaya Cooperative Insurance Co. which will be based on a share price of SAR 18.10.
The Securities Depository Center (Edaa) will deposit the company rights into the investors’ portfolios on Monday, 17 December.
By 10:46 am Saudi time, Saudi Enaya Cooperative Insurance Company’s (Enaya) stock rose 9.94%, reaching SAR 19.90.