Riyadh – Mubasher: Sanad Cooperative Insurance said that it will announce the procedures regarding resolving its financial issues in two weeks.
On Monday, Sanad 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.
Sanad’s accumulated losses reached SAR 174.24 million by the end of December, representing 87.12% of the total capital which totals SAR 200 million.
