KSA - Wafa Ins. pays first instalment of creditors' dues
Wednesday, 12 30 2020, Category: Insurance and Reinsurance, Country: Saudi Arabia
The Saudi Indian Co. for Cooperative Insurance (Wafa Insurance) paid the first instalment of creditors' dues, it said in a filing to Tadawul.
The insurer added that the creditors who have not received their dues so far may not have provided their bank account numbers to the company, or their claims may not have been accepted by the secretary. In addition, they may not have presented their claims to the company.
The insurance company will announce the relevant financial impact in due course, the statement added.
On Nov. 9, Wafa Insurance received the document of final judgement on financial restructuring from Riyadh Commercial Court, according to data compiled by Argaam.
In April, the Tadawul-listed firm announced that the financial restructuring plan was approved the Commercial Court in Riyadh.