Wafa Insurance postpones vote on financial reorganization on lack of quorum

Saudi Indian Company for Cooperative Insurance (Wafa Insurance) said shareholders meeting to vote on the financial reorganization procedure under new Bankruptcy Law has been postponed due to the lack of quorum.

The company said in a statement to Tadawul that the meeting will be held on March 2, 2020, in accordance with the regulations of the Bankruptcy Law.

The process will be implemented under the monitoring of Waleed Sabhi, who has been appointed as a secretary for the required financial restructuring.