ACIG accumulated losses decrease to 50% of capital

Logo of Allied Cooperative Insurance Group

Allied Cooperative Insurance Group (ACIG) announced that its accumulated losses, as of Dec. 31, 2021, decreased to 50% of capital, after taking into account the capital top-up of SAR 150 million.

In a statement to the Saudi Exchange (Tadawul), ACIG said there was no change in the value of accumulated losses, which amounted to SAR 116.02 million, representing 39.8% of the company's capital after the increase.

The auditor's report dated April 19, 2022, was relied upon to calculate the decrease in accumulated losses.

The reason for the decrease in accumulated losses is due to the increase in ACIG's capital from SAR 141 million to SAR 291 million through a rights issue.

Procedures applied to Saudi-listed companies with cumulative losses amounting to 20% or more of their capital will continue to be imposed, with reference to the announcement published on the Tadawul website on March 30.

Accordingly, accumulated losses totaled 82.28% of ACIG’s capital. Taking into account the latest capital increase, the company's capital was valued at SAR 291 million.