Saudi Arabia’s market regulator, the Capital Market Authority (CMA), said it will delist shares of Weqaya Takaful Insurance and Reinsurance Co. from the Saudi stock exchange (Tadawul).
The delisting is due to the company’s inability to meet regulatory requirements and fulfil financial commitments.
Earlier this year, the CMA issued new rules governing listed companies with accumulated losses of over 20 percent of their capital, which came into effect on April 22.
Under the regulations, companies that fail to develop a restructuring plan to reduce losses to below 50 percent of capital will be delisted from the Saudi bourse.
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