Wafa’s shareholders to vote on capital cut May 30

Shareholders of Saudi Indian Company for Cooperative Insurance (Wafa Insurance) are set to vote on an 18.03 percent capital cut to SAR 100 million, during the general assembly meeting on May 30.

They will also vote on other items on the agenda including financial statements, audit report and board report for FY 2017.

Last month, Wafa’s board of directors recommended an 18.03 percent capital reduction to SAR 100 million from SAR 122 million to offset accumulated losses and support future growth.

The insurer recently obtained approval from the Capital Market Authority (CMA) and Saudi Arabian Monetary Authority on the process.