Wafa to vote on capital hike procedures on September 10

Saudi Indian Company for Cooperative Insurance (Wafa) shareholders on September 10 will vote on whether to proceed on capital hike procedures, the insurer said in a bourse filing.

However, if the capital raise proposal was not approved, a vote will be placed on dissolving the company.

Wafa would be terminated by force of law, if the EGM failed to issue a decision on dissolving the company, or if investors failed to subscribe to the company's full capital within 90 days from the shareholders' decision date.