Gulf General reduces accumulated losses to 14.71% of capital

Logo of Gulf General Cooperative Insurance Co.

Gulf General Cooperative Insurance Co. reduced accumulated losses to SAR 44.13 million, or 14.71% of its capital, from SAR 244.13 million (48.8% of capital).

This followed the company’s decision to reduce capital by SAR 200 million to cover a part of accumulated losses, according to a statement to Tadawul.

Gulf General shareholders approved the board’s proposal to cut capital by 40% from SAR 500 million to SAR 300 million through cancelling 20 million shares, during the extraordinary general meeting (EGM) held on March 19, Argaam earlier reported.