United Cooperative obtains Saudi SAMA’s nod to reduce accumulated losses

The amount will be reduced from the total accumulated losses of $36,537

  
A Saudi trader monitors stocks at the Saudi Bank in Riyadh November 22, 2008. Image used for illustrative purpose.

A Saudi trader monitors stocks at the Saudi Bank in Riyadh November 22, 2008. Image used for illustrative purpose.

REUTERS/Fahad Shadeed
Riyadh –  United Cooperative Assurance Company has received the Saudi Central Bank’s (SAMA) approval to offset part of its accumulated losses by SAR 31,944 from the statutory reserve.

This amount will be reduced from the total accumulated losses of SAR 137,015 as on 31 March 2021, according to a bourse filing on Sunday.

The shareholders of United Cooperative will still have to approve this decision during the coming extraordinary general meeting.

The insurance firm announced last June its plan to use the entire statutory reserves of SAR 31,944 to offset part of the accumulated losses.

Source: Mubasher

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