RIYADH: Saudi Enaya Cooperative Insurance Co. received approval from the Capital Market Authority to reduce its capital by SR50 million ($13 million) to SR100 million.

Enaya is reducing its capital to amortize its accumulated losses, according to a bourse filing.

Upon the reduction, the company will increase its capital by SR130 million through a rights issue, bringing the company’s capital to SR230 million, the company said earlier.