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Saudi Enaya gets regulatory approval to reduce capital

The Saudi Arabian Capital Market Authority approved Saudi Enaya Cooperative Insurance Co.'s request to reduce its capital to 100 million riyals from 200 million riyals.

The capital reduction will also reduce Saudi Enaya's shares to 10 million shares from 20 million shares. The company still needs shareholder approval and to complete the necessary procedures to reduce its capital.

As of May 17, US$1 was equivalent to 3.75 Saudi Arabian riyals.