Weqaya requests 60 days to finalize capital raise measures

Weqaya Takaful Insurance filed on Monday for an additional 60-day grace period to finalize its capital raise measures. 

The capital hike requires that the company reposts its financial statements for the period ending on Dec. 31, 2014, according to the company’s filing on Tadawul, Saudi Arabia's bourse.

However, the previously set deadline was insufficient as the insurer’s extraordinary general meeting was held on Jan. 11, 2015, or 44 days after the approval of Saudi Arabia’s central bank.

The Saudi-based company, which had been suspended from trading, was unable to post preliminary financial statements on their due date for the period that ended in December, according to data available on Argaam. 

Last November, the bourse-listed insurer obtained the conditional approval of Saudi’s central bank to increase its capital by SAR 400 million through a rights issue.