CMA extends Wafa suspension

26/02/2019 Argaam

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The Capital Market Authority (CMA) extended on Tuesday the suspension of Saudi Indian Company for Cooperative Insurance (Wafa) from trading.

 

The suspension is to continue till CMA finds that the insurer is able to resume issuing and renewing insurance policies, the market regulator said in a statement.

 

Earlier this month, CMA approved Wafa’s request to file for financial reorganization procedure under the Bankruptcy Law.

 

According to data compiled by Argaam, Wafa’s board of directors decided in December 2018 to file for financial restructuring under chapter 4 of the new bankruptcy law to avoid liquidation and protect shareholders interest.

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