Wafa’s board calls for EGM to address accumulated losses

Saudi Indian Cooperative Insurance Co.’s (Wafa) board of directors on Monday called for an extraordinary general assembly meeting to address the company’s accumulated losses, potentially through a capital cut or a capital hike, the insurer said in a bourse statement.

The meeting will only decide on the strategy to deal with the losses according to article 150 of the companies’ law. Another meeting will be held later to implement those strategies after obtaining regulatory approvals, the statement added.

Last week, the insurer said its accumulated losses rose to SAR 58.06 million representing 58.06 percent of its capital of SAR 100 million as sales remain weak, according to data compied by Argaam.