Al Alamiya for Cooperative Insurance said its accumulated losses hit SAR 114.2 million, 57.1 percent of its capital, due to the accumulated negative impact of potential claims and the spending on the startup operation of the company.
The company said it will comply with the Capital Market Authority’s rules applicable to firms, whose accumulated losses reach 50 percent or above as follows:
The company’s second quarter losses reached SAR 9.8 million compared to SAR 7.9 million in the same period of last year, it announced.
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