Wafa Insurance hires financial advisor for capital cut

22/03/2017 Argaam

Saudi Indian Company for Cooperative Insurance (Wafa Insurance) picked on Tuesday Saudi Kuwaiti Finance House, a wholly-owned subsidiary of the Kuwait Finance House (KFH), as financial advisor for its capital cut, the insurer in a statement to Tadawul.

 

The company’s board of directors has recommended a 40.5 percent capital reduction to SAR 122 million, to restructure the company’s capital and offset accumulated losses.

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