CMA lifts the suspension of Weqaya shares as of tomorrow

08/04/2014 Argaam

The Capital Market Authority (CMA) decided to lift the suspension of Weqaya Takaful Insurance and Reinsurance Company’s shares as of April 9, 2014 after the company’s disclosure of its financial Statements for the period ended December 31, 2013; the CMA said in its statement.

Weqaya accumulated losses reached 83% of its capital after reporting losses of SAR 88 million or SAR 4.40 per share in 2013.

The CMA granted the company an extension to fix its financial position related to its accumulated losses, which exceeds 75% of the capital, till the disclosure of the company’s preliminary financial results for the period ended June 30, 2014.

The CMA said the company’s shares will be re-suspended if:

  • The company didn’t commit to publishing its financial results for the period ended March 31, 2014 within the specified period ending April 21, 2014.
  • The company publishes its financial results for the period ended March 31, 2014 and it shows accumulated losses exceeding 100% of the company’s capital.

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