The Board of Directors of Enaya Saudi Cooperative Insurance Company has recommended to the Extraordinary General Assembly a reduction of the company's capital from SAR 230 million to SAR 154.75 million, a decrease of 32.72%, by reducing the nominal value per share from SAR 10 to SAR 6.73, in order to offset accumulated losses. The company clarified that this reduction will have no impact on its financial obligations. Furthermore, the Board recommended, following the completion of the reduction process, increasing the capital through a rights issue valued at SAR 160 million to meet the minimum capital requirements set by the Insurance Authority. Subscription rights will be granted to shareholders owning shares on the date of the Extraordinary General Assembly meeting. The company noted that the capital reduction and increase process is subject to the approval of the relevant official authorities and the Extraordinary General Assembly. Alawwal Capital has been appointed as the financial advisor, lead manager, and underwriter for the process.