Wafa Insurance appoints financial advisor for capital cut

29/04/2018 Argaam

 

Saudi Indian Company for Cooperative Insurance (Wafa Insurance) has appointed today Saudi Kuwaiti Finance House as financial advisor for its capital reduction, the insurer said in a statement on Tadawul.

 

Earlier this month, the company’s board of directors recommended cutting capital by 18.03 percent to SAR 100 million from SAR 122 million (0.541 shares for every three outstanding shares). 

 

The move aims to restructure capital in order to offset the accumulated losses and support future growth.

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