Riyadh - Mubasher: Al Ahlia Cooperative Insurance said that it is committed to the period set by SAMA to take the necessary procedures to resolve its financial issues.
On Monday, Al Ahlia received a letter from the Saudi Arabian Monetary Agency (SAMA) directing it to resolve its issues in a period not to exceed 5 March, according to a bourse filing on Tuesday.
The company’s board recommended reducing the capital and it received the approval of SAMA and the Capital Market Authority (CMA).
The insurance company expects to meet all the required measures to resolve its situation as per Article 150 of the Companies’ Law before the set period.
The Saudi-listed firm accumulated losses reached SAR 217.04 million by the end of December, representing 67.83% of the total capital which totals SAR 320 million.
