MEDGULF approves utilizing SAR 120 mln from statutory reserve to offset accumulated losses

The Mediterranean and Gulf Insurance and Reinsurance Co.'s (MEDGULF) shareholders approved utilizing a sum of SAR 120 million from the statutory reserve to offset the company's accumulated losses, according to a bourse statement.

This came during the ordinary general meeting held yesterday.

In December, MedGulf's board of directors approved using SAR 120 million out of the total SAR 146.14 million statutory reserve to partially offset accumulated losses, Argaam previously reported.

The Saudi insurer aimed at reducing its accumulated losses from SAR 253.03 million, or 31.63% of the capital, to SAR 133.03 million, 16.63% of the total capital.