Riyadh – Mubasher: Saudi Indian Company for Cooperative Insurance (Wafa Insurance) announced that its ordinary general assembly meeting (OGM) has not approved the board of directors’ and auditor reports for fiscal year (FY) 2018.

Moreover, the OGM has rejected the company’s financial results for FY 2018 and discharging the board of directors, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Monday.

The OGM has also not approved the board’s annual compensation for 2018.

The company revealed that it is currently under financial restructuring procedures, as per the Saudi bankruptcy rules.

Wafa Insurance recently expected to issue its financial statements for the period ended 30 June 2019 during a period not exceeding 30 January 2020, noting that the delay is attributed to the incomplete procedures to prepare the financial statements.