Gulf Union Alahlia board recommends using SAR 89.5 mln share premium to cut accumulated losses

Logo of Gulf Union Alahlia Cooperative Insurance

Gulf Union Alahlia Cooperative Insurance Co.'s (Gulf Union Alahlia) board of directors, on May 25, 2021, recommended using the entire balance of the share premium, amounting to SAR 89.5 million, to reduce part of the accumulated losses, according to a bourse statement.

The accumulated losses, after this transaction, will become SAR 27.9 million, representing 12.14% of the capital.

The Tadawul-listed insurer will take the necessary procedures to present its recommendation to the company's ordinary general meeting for a vote.

The company will also announce the latest developments, if any, in a duly manner.

According to the data available with Argaam, the company recently announced that its accumulated losses reached SAR 117.3 million on March 31, 2021, or 51.13% of its capital.