Al Sagr shareholders approve using SAR 47.3 mln statutory reserve to offset losses

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

The accumulated losses stood at 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, however, did not approve amending board nominations policies as well as board member and executive remuneration policies.

They also did not approve granting the board of directors the powers of the general assembly for one year from the meeting’s date.