By: Thabet Shehata
Riyadh - Mubasher: The accumulated losses for 13 companies listed on the Saudi Stock Exchange (Tadwul) have reached SAR 7.09 billion ($1.89 billion) by the end of August, exceeding these company’s capital which totals around SAR 6 billion.
Four of these companies have losses more than 100% of their capital, namely Al Mojil Group, Weqaya Takaful, Bishah, and Al Baha with losses exceeding 290%, 149%, 135%, and 123% respectively of their capital.
Only one company which losses surpassed 75% of the company’s capital, which is Sanad Cooperative Insurance with losses reaching 84.88% of total capital which equals SAR 200 million.
The remaining companies have had their losses exceed 50% of their capital.
The Saudi Capital Market Authority (CMA) decided that the board of any company with losses of more than 100% of total capital has to prepare a plan to change the company’s financial position, and to reveal its financial results every quarter.
Translated by: Moslem Ali
