The Capital Market Authority (CMA) decided to suspend Weqaya Takaful Insurance and Reinsurance Company’s shares as of today June 4, 2014; the CMA said in a statement today.
CMA said that this decision was based on the Saudi Arabian Monetary Agency (SAMA)’s announcement dated 3/6/2014 that it has assigned an external auditor to study and examine Weqaya’s situation. The preliminary information that was identified to the external auditor based on the actuary indicates that there may be override committed against the company. As a result, the Agency has issued a number of resolutions that the company must execute to strive to correct its financial situation within a specified period.
The company had received during the last period a number of resolutions from SAMA which were not disclosed according to the applicable required regulations.
The Market Authority said that this suspension will continue until the company discloses any material developments in accordance with the requirements of the Capital Market Laws and regulations after which the CMA will consider whether to continue the trade suspension of the company’s shares or not.
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