Weqaya: No negative impact due to SE deal loss

27/05/2014 Argaam

Weqaya Takaful said the cancellation of its contract with Saudi Electricity would not adversely impact its business as the contract constituted only five percent of its total revenue.

Weqaya struck a deal with the Saudi electricity supplier in September 2012, under which it provided health cover to non-Saudi staff, and collected SAR 21 million in premiums till now, it said.

The company announced the termination of contract without giving reasons.

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