Riyadh – Mubasher: The Saudi Capital Market Authority (CMA) unlisted Sanad Cooperative Insurance from the Saudi Stock Exchange (Tadawul).

Sanad had not committed to the regulatory procedures necessary to resolve its financial issues as per the New Companies Law after its accumulated losses widened.

The company’s accumulated losses reached SAR 181.24 million by the end of March, representing 90.6% of capital worth SAR 200 million.

The board of the formerly Saudi-listed firm decided on an optional liquidation of the company after reviewing the results of the consulting parties.