Anaam’s accumulated losses hit 92.3% of capital

Anaam International Holding Group Co. revealed that its accumulated losses as of Nov. 10, 2019 reached SAR 181 million, representing 92.3% of the capital, according to a bourse filing on Monday.

The losses were driven by adding SAR 88 million in zakat provision, as estimated by the General Authority of Zakat and Tax (GAZT), to the company’s accumulated losses.

The Saudi-based firm noted that all procedures and instructions set by the Saudi Stock Exchange (Tadawul) regarding to the companies with accumulated losses of 20% or more of the capital will be applied to the company.