Weqaya board says won't resign, pledges to meet requirements

13/06/2016 Argaam

Board members of Weqaya Takaful Insurance & Reinsurance Co. (Weqaya Takaful) decided not to submit their resignation on Sunday, and pledged to meet requirements to increase the insurer’s capital, the company said in a statement to Tadawul.

 

Weqaya, which has been suspended from trading since April, had earlier said that the board would resign due to the company’s inability to fulfill its financial commitments. It also blamed the Saudi Arabian Monetary Agency’s (SAMA) for declining its capital increase request.

 

SAMA said the company failed to meet regulatory requirements to increase its capital by SAR 150 million through a rights issue.

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