WeqayaTakaful Insurance and Reinsurance has announced that it has filed a motion on Monday, January 26, 2015 to the Saudi Arabian Monetary Agency (SAMA), requesting an additional 60-day grace period to complete all the necessary demands for the conditioned approval of the Company’s capital increase.

The majority of the demands for the capital hike require a re-issuance of the financial data for the period ended December 31, 2013. The 60-day respite previously given to Weqaya was not enough. Accordingly, it is requesting an additional respite.

The first period was not sufficient as the extraordinary general meeting (EGM) took place on January 11, 2015, that is 44 days after SAMA’s conditioned approval, leaving only 16 days for the Company to gather the requirements.

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