CMA announces that based on the announcement by the Saudi Arabian Monetary Agency dated 5/8/1435 H corresponding to 3/6/2014 that included: “after viewing the first quarter financial statements from the current year 2014 submitted by Weqaya Takaful Insurance and Reinsurance Company to the Agency on 20/6/1435 H corresponding to 20/04/2014 showing that the company’s accumulated losses reached 97% of its share capital, the Agency has assigned an external auditor to study and examine the company’s situation. The preliminary information that was identified to the external auditor based on the actuary indicates that there may be override committed against the company. As a result, the Agency has issued a number of resolutions that the company must execute to strive to correct its financial situation within a specified period, with the last resolution sent to the company on 4/8/1435H corresponding to 2/6/2014.”
And since the company had received during the last period a number of resolutions from the Saudi Arabian Monetary Agency which it did not disclose according to the applicable required regulations.
And based on the Capital Market Law and its implementing regulations, the CMA’s Board issued its resolution dated 6/8/1435H corresponding to 4/6/2014 to suspend the trading of Weqaya Takaful Insurance and Reinsurance Company shares in the Saudi Stock Exchange (Tadawul) starting from Wednesday 6/8/1435H corresponding to 4/6/2014, until the company discloses any material developments in accordance with the requirements of the Capital Market Law and its implementing regulations, in light of the resolutions it had received from the Agency during the past period to correct its financial situation. Accordingly, CMA will consider whether to continue the trade suspension of the company’s shares or not.
