Wafa Insurance gets CMA approval nod on capital cut

Saudi Indian Company for Cooperative Insurance (Wafa Insurance) has received the Capital Market Authority’s (CMA) approval on its request to reduce capital by SAR 83 million to SAR 122 million, the market regulator said in a statement to Tadawul on Monday.

Wafa Insurance will reduce its shares to 12.2 million shares from 20.5 million shares to offset accumulated losses.

The capital cut is still subject to the approval of the insurer’s extraordinary general assembly and all the necessary procedures.