Riyadh – Mubasher: Amana Cooperative insurance’s accumulated losses decreased below 50% of capital to reach SAR 31.05 million.
Accumulated losses represent 22.18% of the company's capital after the reduction, according to a bourse filing on Sunday.
The company said that the losses shrinkage is mainly due to cutting the capital to SAR 140 million.
Amana added that SAR 180 million have been offset of the accumulated losses as of 28 February, representing the value of the cancelled shares.
There is no impact for the capital cut on the company’s financial obligations, the statement said.
On 19 February, the extraordinary general meeting (EGM) of Amana had approved a capital reduction from SAR 320 million to SAR 140 million.
