Abdulmohsen Alhokair Group for Tourism and Development Co.’s board of directors approved using the full statutory reserve of SAR 71.69 million to offset part of the accumulated losses, the company said in a bourse statement.
The company’s losses reached SAR 77.8 million as of September 30, 2019 representing 14.15% of capital.
The remaining accumulated losses account for SAR 6.1 million, which represents 1.12% of capital, the statement added.
Al Hokair Group will announce any material updates regarding this matter in a timely manner.
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