Riyadh – Mubasher: Saudi Enaya Cooperative Insurance said Monday that its extraordinary general meeting will convene on 3 October for voting on the company’s capital decrease from SAR 400 million to SAR 200 million, according to a bourse filing.

Accordingly, 1-for-2 shares’ cut is expected to be carried out for easing the company’s accumulated losses, thus slashing the total number of shares by half from 40 million to 20 million.

“The company’s financial liabilities will not be affected”, said the company assuring that this decision will be coupled with amending the company’s articles of association.

Earlier, the Capital Market Authority (CMA) approved a request to reduce the insurance firm’s capital, pending the extraordinary meeting’s approval.