The Capital Market Authority Announces the Delisting of Weqaya Takaful Insurance and Reinsurance Company’s Shares
Monday, May 29, 2017 at 3:13 PM
Mon May 29, 2017 15:13
With reference to the Capital Market Authority's (the "CMA") announcement published on 04/05/2016, in which the CMA called on the boards of directors and shareholders of listed companies with losses of 50% or more of their share capital to remedy the conditions of their companies before the expiration of the given grace to apply Article (150) of the Companies Law; and with reference to CMA’s announcement dated 27/04/2017 regarding such companies;
Due to the fact that Weqaya Takaful Insurance and Reinsurance Company did not take the necessary measures to rectify the company's situation in accordance with the Capital Market Law and its Implementing Regulations as well as the Companies Law, and taking into account the provisions in Article (150) of the Companies Law and the measures that should be taken during the specified statutory periods, and based on the Capital Market Law issued by Royal Decree (M/30) dated 04/06/1424H and the sub-clauses (4) and (5) of paragraph (a) of Article (35) of the Listing Rules,
the CMA board has issued its resolution on 03/09/1438H corresponding to 29/05/2017, to cancel the listing of Weqaya Takaful Insurance and Reinsurance Company's shares from the Saudi Stock Exchange (Tadawul).