Wafa Insurance to increase capital; appoints vice-chairman

Saudi Indian Company for Cooperative Insurance’s (Wafa Insurance) extraordinary general assembly approved on Monday to proceed with a capital hike and obtain the due regulatory approvals, the insurer said in a statement to Tadawul.

In a separate statement the firm said that its board of directors has appointed independent member Abdulrahman Abdulaziz Al-Shetwi as vice-chairman as of Sept. 10 and until the end of the term on Dec. 17, 2019.

In mid-August, the Capital Market Authority (CMA) said that Wafa Insurance will be terminated on Sept.11, under the Saudi Companies Law, if it fails to hold an extraordinary general assembly meeting within 45 days from the date its board of directors was informed of the losses.

The board earlier that month invited shareholders to meet in order to address the company’s accumulated losses, which rose to SAR 58.06 million representing 58.06 percent of its capital of SAR 100 million on weak sales, Argaam previously reported.