Amana Insurance accumulated losses exceeds 64.74% of its capital

Amana Cooperative Insurance Company said that its accumulated losses reached SAR 207.2 million representing 64.74% of its capital.
 

The Company attributed the accumulated losses to the company’s operating losses in previous years, and SAR 75.9m of technical reserves (changeable book losses), according to the company filing in Tadawul.

Based on Capital Market Authority (CMA) instructions and procedures related to listed companies with accumulated losses reaching 50% or more of its capital, the Company will do the following:

1. Publish its monthly unaudited financial statements within the 10 days following the end of each month.
2. Publish immediately any amendments to its financial situation regarding the reduction of its accumulated losses beyond 50% of its capital.

According to a statement on “Tadawul”, the percentage of accumulated losses represents 50% or more and less than 75% of the company’s capital, the Saudi Stock Exchange Company (Tadawul) will do the following:

1. Suspend trading of the company’s shares for two hours from session opening on Wednesday November 05, 2014, while orders maintenance will start from 12:30.
2. Put a yellow flag next to the company’s name on Tadawul website.