Aseer reduces statutory reserve to offset accumulated losses

02/05/2019 Argaam

 

Shareholders of Aseer Trading, Tourism & Manufacturing Co. have approved cutting statutory reserve to 24.7 percent of capital to offset accumulated losses.

 

A total of SAR 94.11 million will be transferred to offset those losses, the company said in a bourse filing on Thursday.

 

Aseer’s accumulated losses stood at SAR 94.1 million as on December 31, 2018, accounting for 7.5 percent of capital amounting to SAR 1.3 billion, Argaam earlier reported.

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