Wafa Insurance faces closure if EGM not held before Sept.11

Saudi Indian Company for Cooperative Insurance (Wafa Insurance) could be shut down on Sept.11, under the Saudi Companies Law, if it fails to hold an extraordinary general assembly meeting within 45 days from the date its board of directors were informed of losses, the Saudi insurer said in a bourse filing.

Wafa would be terminated by force of law, if the EGM failed to issue a decision on dissolving the company, or if investors failed to subscribe to the company's full capital within 90 days from the shareholders' decision date.

Wafa Insurance shareholders are set to vote on whether to proceed on capital hike procedures or dissolving the company on Sept. 2, 2018.