Wafa Insurance to vote on financial reorganization procedure on Feb. 24

Saudi Indian Company for Cooperative Insurance (Wafa Insurance) invited shareholders to vote on the financial reorganization procedure under Saudi Arabia’s new bankruptcy law on Feb. 24, according to the company’s statement to Tadawul on Wednesday.

The process will be implemented under the monitoring of Waleed Sabhi, who was also appointed as a secretary for the required financial restructuring. 

On Jan. 9, 2020, Riyadh commercial court approved the financial restructuring plan submitted by Wafa Insurance.

In February 2019, a Saudi court overturned a previous decision rejecting Wafa Insurance’s request to undertake a financial restructuring.

In July 2019, the company submitted a plan to the relevant court, while the latter required more details about the procedures and steps to be taken by the company and granted the insurer 150 days to submit the amended plan.