Wafa deposits fractional shares after capital cut

Following its capital reduction, Saudi Indian Company for Cooperative Insurance (Wafa) sold 7,343 fractional shares at SAR 22.14 per share for a total of SAR 162,585, and deposited the funds on Wednesday, August 23 in the accounts of shareholders, the insurer said in a statement to Tadawul.

In June, Wafa’s general assembly had approved cutting capital to SAR 122 million from SAR 205 million to offset accumulated losses.