Al Ahlia says losses drop below 50%

09/03/2017 Argaam

Al Ahlia for Cooperative Insurance Co.’s accumulated losses have dropped below 50 percent to SAR 59.9 million, or 35.56 percent, mainly due to its capital cut last month, the company said in a statement to Tadawul Thursday.

 

Al Ahlia reduced its capital on Feb. 28, 2017 by 50 percent to SAR 160 million from SAR 320 million.

 

The capital reduction will not affect the company’s liabilities, the statement said. 

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