Riyadh – Mubasher: The extraordinary general meeting (EGM) of Saudi Indian Company for Cooperative Insurance (Wafa Insurance) will meet 21 May to discuss the board’s recommendation to decrease the capital by 40.49%.

The company’s capital will be cut from SAR 205 million to SAR 122 million; thus, reducing the number of shares from 20.5 million shares to 12.2 million shares.

Moreover, the EGM will vote on the board's and auditors’ reports for 2016, in addition to amending the company’s bylaws to be in line with the New Companies Law.

On 24 April, the Saudi Capital Market Authority (CMA) had approved the request of Wafa Insurance to reduce its capital.