| Element List | Explanation |
|---|---|
| Introduction | Further to the company’s announcement on 16-06-2026 regarding the Board of Directors’ Recommendation to the General Assembly to approve using the Statutory Reserve to offset a portion of the Company’s Accumulated Losses which is subject to the approval of the relevant regulatory authorities, the company received on 15-07-2026 the approval of the insurance authority |
| Previous Announcement | 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 |
| Date of Previous Announcement on Saudi Exchange’s Website | 2026-06-16 Corresponding to 1448-01-01 |
| Hyperlink to the Previous Announcement on the Saudi Exchange Website | Click Here |
| Latest Developments Of The Announced Event | Alsagr Cooperative Insurance Co. Announces obtaining the approval of the insurance authority on Wednesday, 15-07-2026 to use the company's statutory reserve balance amounting of SAR 8.9 million to offset part of Company's Accumulated Losses. The company would like to highlight that the approval is not final, and this will be presented in the general assembly meeting for final approval. |
| Reasons For The Delay on The Date of The Event Previously Announced | None |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | None |
| Delay consequences on the Company’s financial results | None |
| Additional Information | None |
Alsagr Cooperative Insurance Co. Announces an update on 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
AI Summary
- Alsagr Cooperative Insurance Co. received approval from the Insurance Authority on July 15, 2026, to use its statutory reserve balance to offset accumulated losses.
- The company plans to use the full statutory reserve balance of SAR 8.9 million to reduce accumulated losses, which totaled SAR 40.5 million (13.5% of capital) as of March 31, 2026.
- The recommendation remains subject to final approval by the company’s General Assembly.
