Riyadh - Mubasher: The Saudi Capital Market Authority (CMA) approved the request of Saudi Indian Company for Cooperative Insurance (Wafa Insurance) to reduce its capital.
The company’s capital will decrease from SAR 205 million to SAR 122 million, thus reducing the number of shares from 20.5 million shares to 12.2 million shares.
This approval is subject to the decision of the extraordinary general meeting (EGM) of the company and completion of the necessary procedures in relation to the applicable regulations, according to a bourse filing on Monday.
Earlier this month, the Saudi Arabian Monetary Authority (SAMA) had approved the insurance firm’s request.
