Riyadh – Mubasher: The Capital Market Authority (CMA) announced the suspension of trading in the shares of United Cooperative Assurance Company on the Saudi Exchange (Tadawul) effective 13 September.
The regulatory intervention follows the company’s disclosure on 10 September regarding the formal filing of a liquidation procedure request.
The suspension was issued by the CMA Board in accordance with the Capital Market Law and sub-paragraph 14 of paragraph (a) of Article 38 of the Listing Rules.
The freeze on share movement will remain in place until the CMA issues a further update, which is contingent upon the Commercial Court’s ruling to either accept or reject the commencement of the liquidation proceedings.
This move aims to protect investors and maintain market stability while the legal status of the insurer is determined by the judiciary.
United Cooperative Assurance had previously notified shareholders of the legal filing through Tadawul website prior to the suspension.
