Riyadh – Mubasher: The Saudi Stock Exchange (Tadawul) delisted four companies in May.
The latest in the series of delistings was Weqaya Takaful Insurance and Reinsurance Company which was delisted on 30 May for not abiding by the regulations to resolve its situation.
Weqaya’s accumulated losses reached SAR 298.14 million by the end of 2015, representing 149% of capital.
The Capital Market Authority (CMA) had said earlier that it will cancel the listing of companies that will not take the necessary measures to rectify their situation as per provisions in Article 150 of the Companies Law.
Tadawul announced the delisting of Mohammed Al Mojil Group’s shares as of Sunday, 7 May 2017, after accumulated losses reached SAR 3.75 billion, representing 300% of the company’s SAR 1.25 billion capital.
Sanad Cooperative Insurance Co was also delisted on 10 May, after accumulated losses reached SAR 181 million, representing 91% of the capital.
Moreover, Tadawul delisted Bishah Agriculture Development as of the end of 18 May 2017. Accumulated losses reached SAR 71.19 million by the end of March, representing 142.4% of the company’s capital, which totals SAR 50 million.
