SAICO shareholders OK use of statutory reserve to offset accumulated losses

Logo of Saudi Arabian Cooperative Insurance Co. (SAICO)

Saudi Arabian Cooperative Insurance Co.’s (SAICO) shareholders approved using a part of its statutory reserve balance of SAR 43.69 million to fully offset its accumulated losses.

The approval came during the extraordinary general meeting (EGM) held on Dec. 30.

For more news on listed companies

According to a statement to Tadawul, SAICO’s accumulated losses as of Sept. 30, 2024, stood at SAR 39.09 million, which represents 13.03% of the capital.

In November, SAICO’s board recommended to use SAR 39.09 million from the total statutory reserve balance of SAR 43.69 million, to offset accumulated losses, Argaam reported.