Wafa Insurance settles dispute with Watad Insurance out of court

17/11/2014 Argaam

Saudi Indian Company for Co-operative Insurance, or Wafa Insurance, has settled a dispute with Watad National Company for Insurance Agency out of court, the company said in a statement to the Saudi bourse, Tadawul.

 

Watad dropped the case on Nov 16, 2016. The settlement will reflect positively on the financial results of Wafa starting in the 4th quarter.

 

Wafa’s marketing partner, Watad, filed a case in August against Wafa demanding SAR 26.2 million, or up to 5 percent of its capital over unpaid dues, according to Argaam.

 

Wafa has  SAR 100 million in capital spread over 10 million shares. 

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