Wafa Insurance says a decision must be made on capital hike before Sept. 11

Saudi Indian Company for Cooperative Insurance (Wafa Insurance) said that shareholders must vote on the proposed capital hike before Sept. 11 to avoid dissolving the company.

 However, if the capital raise proposal was not approved, a vote will be placed on dissolving the company.

Wafa Insurance would be terminated by force of law, if the EGM failed to issue a decision on dissolving the company, or if investors failed to subscribe to the company's full capital within 90 days from the shareholders' decision date.

This week, the insurer invited its shareholders to attend an EGM o Sept. 10 to vote on proceeding on the capital hike procedures, according to data available on Argaam.