Wafa shareholders to decide on capital hike or termination Sept. 2

Saudi Indian Cooperative Insurance Co.’s (Wafa Insurance) shareholders are set to vote on whether to proceed on capital hike procedures or dissolving the company on Sept. 2, 2018, the company said in a bourse statement.

If Shareholders approve the capital hike but no subscriptions are made to the full amount of hike within a period on 90 days, the company will be considered dissolved, the statement added.

On Monday, the Capital Market Authority (CMA) said that (Wafa Insurance) will be terminated on Sept.11, under the Saudi Companies Law if it fails to hold an extraordinary general assembly meeting within 45 days from the date its board of directors were informed of losses, according to data on Argaam.