Logo of Al Sagr Cooperative Insurance Co.
Al Sagr Cooperative Insurance Co. announced the required measures to be taken relevant to the company’s accumulated losses that accounted for 65% of capital, according to a bourse filing today, Sept. 5.
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Required Measures |
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Measure |
Date |
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accumulated lossesDate of notifying the board of directors of |
Sept. 1, 2022 |
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losses reached 50% of capitalDate of announcing that accumulated |
Sept. 4, 2022 |
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Last day for the board to invite shareholders for an extraordinary general meeting (EGM), in line with Article 150 of the Companies Law |
Sept. 16, 2022 |
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Last day to hold EGM to discuss offsetting the company’s accumulated losses as per Article 150 |
Oct. 16, 2022 |
Al Sagr Insurance will be deemed dissolved by force of law should the aforementioned EGM does not convene within 45 days from the date on which the board learned about such losses, or if the EGM convenes and is unable to issue a decision on the matter.
The deadline for the EGM to address accumulated losses is Oct. 16, in accordance with the Article 150.
Al Sagr’s board of directors recommended, on Sept. 1, a 65% capital reduction from SAR 400 million to SAR 140 million to offset the accumulated losses, according to Argaam.
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