Riyadh – Mubasher: Asharqiyah Development’s board decided to reverse the recommendation for capital reduction required to offset accumulated losses amounting to 38.8% of the capital as of 31 December.

The company said that it has fully amortised its accumulated losses after recognising the government grant which met the conditions, but was never recorded in its financials.

This resulted in net retained earnings equivalent to 206% of its paid-up capital as of the first quarter of 2017.