KSA - Al Sagr Ins. to use SAR 47.3m statutory reserve to offset losses
Thursday, 10 29 2020, Category: Insurance and Reinsurance, Country: Saudi Arabia
The ordinary general meeting (OGM) of Al Sagr Cooperative Insurance Company approved using the statutory reserve worth SAR 47.34 million to offset part of the accumulated losses.
The firm’s accumulated losses reached SAR 107.6 million as of 30 June 2020, representing 26.8% of the company’s capital that totals SAR 400 million, according to a bourse disclosure on Wednesday.
Accordingly, the accumulated losses will be reduced to SAR 60.244 million, representing 15% of the company’s capital.