SAICO EGM to vote on using statutory reserve to offset accumulated losses on Dec. 30

Logo of Saudi Arabian Cooperative Insurance Co. (SAICO) 

Saudi Arabian Cooperative Insurance Co.’s (SAICO) shareholders will vote on using part of its statutory reserve balance to fully offset its accumulated losses during an extraordinary general meeting (EGM) to be held on Dec. 30.

In a statement to Tadawul today, Dec. 9, the company said that SAR 39.09 million will be used from the statutory reserve balance of SAR 43.69 million to fully offset its accumulated losses.

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On Nov. 12, the company’s board of directors recommended using SAR 39.09 million from the total statutory reserve balance of SAR 43.69 million to offset its accumulated losses, which as of Sept. 30, 2024, stood at SAR 39.09 million (13.03% of capital), according to data available to Argaam.