Saudi Arabia: Weqaya Insurance delisted from stock exchange

Source: Middle East Insurance Review | Jul 2017

The Saudi Capital Market Authority (CMA) has announced the delisting of Weqaya Takaful Insurance and Reinsurance Company from the local bourse, Tadawul.

In a statement, the regulator said that it had in May 2016 called upon the boards of directors and shareholders of listed insurers with losses of 50% or more of their share capital to remedy the conditions of their companies before the expiration of a given grace period, reported Mubasher.

“Weqaya Takaful Insurance and Reinsurance Company did not take the necessary measures to rectify the company’s situation in accordance with the Capital Market Law and its Implementing Regulations as well as the Companies Law,” the statement said.

Thus, the CMA issued its resolution on 29 May 2017 to cancel the listing of Weqaya Takaful’s shares from the Saudi Stock Exchange. M

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