Riyadh – Mubasher: Sanad Cooperative Insurance’s financial counselor finished on Thursday studying and assessing the available options to restructure the company’s financial position.

It said that the options were sent to the board of directors on Sunday, according to a bourse statement on Monday.

The Saudi company said the board of directors will discuss the study in its first meeting, and will announce any updates in three weeks.

Lately, Sanad assigned a specialised consultative firm to study and assess the available options to restructure the company’s financial situation, so the results would be discussed in a general meeting.

In February, Sanad received a letter from the Saudi Arabian Monetary Authority (SAMA), informing it to restructure its financial situation before 5 March.

Sanad’s net losses amounted to SAR 1.41 million in January 2017, bringing its accumulated losses to SAR 176.04 million as of the end of January, accounting for 88.02% of the company’s capital of SAR 200 million.