Wafa Insurance delisted from Saudi stock exchange after bankruptcy

RIYADH: Saudi Indian Co. for Cooperative Insurance, known as Wafa Insurance, has been delisted from the Saudi stock exchange.

The resolution was issued by the Capital Market Authority after a Riyadh court endorsed the decision to liquidate the firm, according to a CMA disclosure on Tuesday.

Wafa Insurance has been suspended from trading since 2018 due to its failure to abide by regulatory measures of announcing financial results in specified time frames.  

The insurer was unable to settle payments to creditors in accordance with its financial reorganization plan, after which it terminated the restructuring plan and went bankrupt.

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