Riyadh – Mubasher: The Saudi Stock Exchange (Tadawul) on Sunday announced the delisting of Sanad Cooperative Insurance Co’s shares from the bourse, following the approval given by the Saudi Capital Market Authority (CMA) on 10 May 2017.

The last trading date for Sanad was Thursday, 11 May, according to the bourse’s statement.

The Saudi company had not applied the regulatory procedures necessary to resolve its financial issues as per the New Companies Law after its accumulated losses exceeded 50% of capital.

Sanad last reported that its accumulated losses reached SAR 181.24 million by the end of March, representing 90.6% of capital worth SAR 200 million.

The cooperative insurance firm’s board considered an optional liquidation after reviewing the results of the consulting parties.