Logo of Al Sagr Cooperative Insurance Co.
Al Sagr Cooperative Insurance Co. received today, July 15, the Insurance Authority’s (IA) approval to use its entire statutory reserve of SAR 8.9 million to offset part of its accumulated losses. 
In a statement to Tadawul, the company said the approval is not final and will be submitted to shareholders for approval at the upcoming general assembly meeting.
Al Sagr’s board recommended earlier using the full statutory reserve balance of SAR 8.9 million to offset part of its accumulated losses of SAR 40.5 million, which represented 13.5% of the company’s capital, based on the financial statements for the three-month period ended March 31, according to Argaam’s data.
Logo of Al Sagr Cooperative Insurance Co.
Al Sagr Cooperative Insurance Co. received today, July 15, the Insurance Authority’s (IA) approval to use its entire statutory reserve of SAR 8.9 million to offset part of its accumulated losses.
In a statement to Tadawul, the company said the approval is not final and will be submitted to shareholders for approval at the upcoming general assembly meeting.
Al Sagr’s board recommended earlier using the full statutory reserve balance of SAR 8.9 million to offset part of its accumulated losses of SAR 40.5 million, which represented 13.5% of the company’s capital, based on the financial statements for the three-month period ended March 31, according to Argaam’s data.
