Riyadh - Mubasher: The Saudi Capital Market Authority (CMA) has announced the delisting of Weqaya Takaful Insurance and Reinsurance Company, according to a statement issued on Monday.
This comes after the CMA called upon the boards of directors and shareholders of listed companies with losses of 50% or more of their share capital to remedy the conditions of their companies before the expiration of the given grace period.
“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 indicated.
The CMA board has issued its resolution on 29 May 2017 to cancel the listing of Weqaya Takaful Insurance and Reinsurance Company's shares from the Saudi Stock Exchange (Tadawul), the statement concluded.
