SAPTCO to use SAR 183.5 mln reserve to offset accumulated losses

Saudi Public Transport Co.’s (SAPTCO) board of directors approved using the statutory reserve of SAR 183.47 million to offset the accumulated losses as per the audited financials on Sept. 30, 2020, according to a bourse filing.

SAPTCO’s accumulated losses stood at SAR 134.23 million, accounting for 10.74% of capital.

The remaining portion of the statutory reserve will be utilized to offset any potential losses until Dec. 31, 2020, the statement added.