CMA's announces to lift the suspension of trading of Weqaya's shares

08/04/2014 15:44 AST

CMA previously announced a resolution on 25/2/2014 to suspend trading the shares of Weqaya Takaful Insurance and Reinsurance Company on the Saudi Stock Exchange (Tadawul) starting from 26/4/1435H corresponding to 26/2/2014 for failing to announce its annual financial statements as of 31/12/2013 within the specified period.

On 07/04/2014, the company announced its annual financial statements as of 31/12/2013 which showed losses for the financial period ending on 31/12/2013 amounting to 88 million Saudi Riyals. This resulted in accumulated losses for the company reaching to of its capital which requires taking the necessary legal procedures.

The CMA Board issued a resolution dated 8/6/1435H corresponding to 8/4/2014 that included the following:

A) Lift the suspension of trading the shares of the company starting from Wednesday 9/6/1435H corresponding to 9/4/2014

B) Grant the company an extension to fix its financial position related to its accumulated losses reaching three quarters of its capital according to the rules and regulations related and until the company announces its preliminary financial statements for the period ending on 30/06/2014.

C) The trading of the company’s shares will be suspended if:

1- the company did not commit to publish its preliminary financial statements for the period ending on 31/03/2014 within the specified period ending on 21/4/2014

2- In case the company published its preliminary financial statements for the period ending on 31/03/2014 and it shows that the company’s accumulated losses exceed its capital.

CMA