Al Sagr shareholders to vote on using SAR 47.3 mln statutory reserve to offset losses on Oct. 27

Al Sagr Cooperative Insurance Co.’s shareholders are set to vote on using a statutory reserve balance of SAR 47.34 million to partially offset the company’s accumulated losses, during the general meeting that will be held on Oct. 27, 2020, the company said in a bourse statement.

The accumulated losses reached SAR 107.59 million as of June 30, 2020, representing 26.8% of the company’s SAR 400 million capital.

Accordingly, the accumulated losses will decline to SAR 60.24 million, or 15% of capital, Al Sagr added.

Shareholders will also discuss forming an audit committee and setting the remuneration of its members.