Aseer shareholders approve cutting statutory reserve to offset losses

Shareholders of Aseer Trading, Tourism Manufacturing Co. on Sunday approved cutting statutory reserve by SAR 226.2 million to 32.1 percent of capital, in order to offset accumulated losses.

The general assembly also approved continuing to halt profit transfer to the statutory reserve, the company said in a bourse statement on Monday.

The company’s accumulated losses reached SAR 226.2 million representing 17.9 percent of capital as of June 30, 2018, according to data available on Argaam.