UCA shareholders to vote on using statutory reserve to offset accumulated losses on Aug. 18

Logo of United Cooperative Assurance Co.

United Cooperative Assurance Co.’s (UCA) shareholders will vote on using SAR 31.94 million, or the entire value of the statutory reserve as of March 31, 2021, to partially offset accumulated losses, during the ordinary general meeting scheduled for Aug. 18. 

The company said in a bourse filing that this decision aims to reduce its accumulated losses from SAR 137.02 million as in the period ended March 31, 2021, representing 34% of the capital, to SAR 105.07 million (26% of capital). 

Shareholders will also vote on the formation of the audit committee, define its tasks, work controls, and remuneration for its members for the three-year term, starting Aug. 18, 2021. 

The candidates for the audit committee are Mohammed Abdullah Al Yahya as Chairman, and Ahmed Tawfiq Al-Khamis, Tariq bin Ali Al-Fayez, and Mohammed bin Hadi Al-Duwais as non-board members.