Wafa fixes irregularities, cuts capital to offset losses

Saudi Indian Company for Cooperative Insurance (Wafa Insurance) said it has fixed irregularities and complied with the Saudi Capital Market Authority’s (CMA) requirements pertaining to listed companies with losses reaching 35-50 percent of share capital, the insurer said in a statement to Tadawul.

This came after Wafa’s general assembly approved a 40.5 percent capital reduction to SAR 122 million, to offset accumulated losses.