The Saudi Capital Market Authority has announced the cancellation of the listing of the shares of the Saudi Indian Company for Cooperative Insurance “Wafa Insurance” on the Saudi stock exchange “Tadawul”.
The Authority stated that tale decision was issued on the basis of the law on the capital market issued with royal decree no. (M / 30) of 02/06/1424 AH, and paragraph (15) of paragraph (A) of article 36 of the listing rules.
Interestingly, the Saudi Indian Cooperative Insurance Company “Wafa Insurance” announced on the site web of the Saudi stock exchange “Tadawul” on 22/10/1443 AH corresponding to 23/05/2022 AD that a decision was issued by the Commercial Court of Appeal of Riyadh in support of the decision to close the financial recovery procedure and open the procedure of liquidation in bankruptcy regime.
The Wafa Insurance stock has been suspended from trading since 12 November 2018, due to the company’s irregularity in announcing its financial results on regular dates.
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