Al Sagr Cooperative Insurance Company announces the Board of Directors’ Recommendation to the General Assembly to approve using the company's statutory reserve balance to offset part of its accumulated losses

ALSAGR INSURANCETadawulJune 16, 2026View on exchange

AI Summary

Al Sagr Cooperative Insurance Company's Board of Directors recommended using the full statutory reserve balance of SAR 8.9 million to partially offset accumulated losses.
Accumulated losses reached SAR 40.5 million as of March 31, 2026, representing 13.5% of the company’s capital.
The recommendation is subject to obtaining necessary approvals from regulatory authorities and the company’s General Assembly.

Element List	Explanation
Announcement Detail	Al Sagr Cooperative Insurance Company announces its Board of Directors’ recommendation dated 01 Muharram 1448 corresponding to 16 June 2026 to the General Assembly to use the balance of Statutory reserve amounted to SAR 8.9 million to offset part of Company's Accumulated Losses amounted to SAR 40.5 million, which represent (13.5%) of Company's capital as per the financial statements for the three months period ended 31 March 2026. The recommendation will be submitted to the company’s General Assembly for approval after obtaining the required approvals from the relevant regulatory authorities. The Company will announce any major development in this regard in due course.

Element List

Explanation

Announcement Detail

Al Sagr Cooperative Insurance Company announces its Board of Directors’ recommendation dated 01 Muharram 1448 corresponding to 16 June 2026 to the General Assembly to use the balance of Statutory reserve amounted to SAR 8.9 million to offset part of Company's Accumulated Losses amounted to SAR 40.5 million, which represent (13.5%) of Company's capital as per the financial statements for the three months period ended 31 March 2026.

The recommendation will be submitted to the company’s General Assembly for approval after obtaining the required approvals from the relevant regulatory authorities. The Company will announce any major development in this regard in due course.