Wafa Insurance gets 150 days extension for resubmitting restructuring plan

Saudi Indian Company for Cooperative Insurance (Wafa Insurance) has been granted additional 150 days for submitting its amended financial restructuring plan to the competent court, the company said in a bourse statement.

The additional period starts from the end of the previous deadline.

The amended suggestion for financial restructuring plan includes more details about the procedures and steps to be taken by the company to restructure its financial position, the statement added.

The financial impact is not measurable at the meantime.

In July, Saudi Indian Cooperative Insurance Co. (Wafa Insurance) on Wednesday has submitted financial restructuring plan to the relevant court, Argaam reported.