BRIEF-Saudi Enaya Board Recommends Capital Reduction Followed By Rights Issue

ENAYA

ENAYA

8311.SA

0.00

July 7 (Reuters) - SAUDI ENAYA COOPERATIVE INSURANCE COMPANY 8311.SE:

  • BOARD RECOMMENDS CAPITAL REDUCTION FOLLOWED BY RIGHTS ISSUE

  • CAPITAL AFTER DECREASE 154.8 MILLION RIYALS

  • CAPITAL REDUCTION WILL HAVE NO IMPACT ON FINANCIAL OBLIGATIONS

  • APPOINTED ALAWWAL CAPITAL AS FINANCIAL ADVISOR

  • BOARD RECOMMENDS, POST CAPITAL REDUCTION, TO INCREASE CAPITAL THROUGH RIGHTS ISSUE OF SAR 160 MILLION

  • PRIMARY OBJECTIVE OF PROPOSED CAPITAL INCREASE IS TO ENABLE CO TO MEET MINIMUM CAPITAL REQUIREMENT

  • PROPOSED CAPITAL INCREASE THROUGH A RIGHTS ISSUE IS CONDITIONAL UPON ITS APPROVAL OF PROPOSED CAPITAL REDUCTION

  • APPOINTS ALAWWAL CAPITAL AS FINANCIAL ADVISOR, LM, AND UNDERWRITER FOR PROPOSED CAPITAL INCREASE

Source text: ID:nSSE3sLrYf

Further company coverage: 8311.SE


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