Al Sagr Insurance narrows accumulated losses to 12.12% of capital

22/12/2022 Argaam
Logo ofAl Sagr Cooperative Insurance Co.

Logo of Al Sagr Cooperative Insurance Co.

Al Sagr Cooperative Insurance Co. announced lowering its accumulated losses to 12.12% of capital as of Oct. 31, 2022, the company said in a statement to Tadawul.

 

This was based on the approval of the company's extraordinary general assembly, held on Oct. 13, to decrease its capital by 65% from SAR 400 million to SAR 140 million.

 

The company also indicated that accumulated losses amounted to SAR 276.96 million, or 69.24% of capital.

 

It reduced capital from SAR 400 million to SAR 140 million, upon the EGM approval, through canceling 26 million shares.

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