KSA – Wafa ins. submits proposal of financial restructuring plan
Tuesday, 12 10 2019, Category: Insurance and Reinsurance, Country: Saudi Arabia
Saudi Indian Cooperative Insurance Co. (Wafa Insurance) said in a bourse statement that it presented the improved proposal of the financial restructuring plan to the relevant court within the provided timeframe adding that, it is now hard to estimate the related financial impact.
According to the insurer, the proposal includes the needed information and procedures to do financial restructuring plan.
A Saudi court overturned an earlier decision in February 2019, to reject Wafa Insurance"s demand for undertaking a financial restructuring.
Source: MENA FN