CMA delists Sanad’s shares from Tadawul

The Capital Market Authority (CMA) on May 10 delisted shares of Sanad Insurance and Reinsurance Cooperative Co. from the Saudi Stock Exchange (Tadawul), the market regulator said in a statement Wednesday.

The decision followed the insurer’s failure to develop a restructuring plan and reduce its accumulated losses.

Under CMA regulations, companies that fail to develop a restructuring plan to reduce losses to below 50 percent of capital will be delisted from the Saudi bourse.

Earlier this month, shares of troubled contractor Mohammad Al Mojil Group were also delisted from the market.