Riyadh – Mubasher: Sanad Cooperative Insurance said that it signed a contract with a specialised advisory body to study and evaluate the available options to resolve its financial issues.
The company added that the output will be disclosed on 5 March, after which the general assembly will be held to discuss the results, according to a bourse filing on Monday.
Earlier this month, Sanad received a letter from the Saudi Arabian Monetary Agency (SAMA), directing it to resolve its issues until 5 March.
Sanad’s accumulated losses reached SAR 176.04 million by the end of January, representing 88.02% of the total capital which totals SAR 200 million.
