Riyadh-Mubasher: Saudi Enaya Cooperative Insurance Co. appointed Aljazira Capital on 4 May as a financial advisor for a capital cut, according to a bourse statement.
The advisor will manage the company's capital reduction transaction after obtaining the approvals from competent authorities.
The company’s board proposed to cut capital by 50% to SAR 200 million ($53.33 million) from SAR 400 million ($106.67 million).
The capital decrease is aimed for restructuring the company’s capital to be harmony with the new corporate system.
