Wafa Insurance seeks CMA nod for capital cut

Saudi Indian Company for Cooperative Insurance (Wafa Insurance) on Wednesday filed for regulatory approval of its planned 50 percent capital reduction, the company said in a bourse statement.

The request was submitted to the Capital Market Authority (CMA).
 

Last month, Wafa’s board of directors recommended an 18.03 percent capital reduction to SAR 100 million from SAR 122 million to offset accumulated losses and support future growth, Argaam previously reported.