Saudi Enaya Cooperative Insurance Company announces that, based on the unaudited financial results of Quarter ended March 2018, the percentage of the accumulated losses have exceeded 50% of the Company's capital whereby accumulated losses reached to SAR 149,008K equivalent to 74.5% of the Company's capital of SAR 200,000K. The losses are due to the increase in technical reserves as recommended by our actuary to meet the potential claims.
The Company shall be subject to the procedures and instructions issued by the Capital Market Authority and related to listed companies with accumulated losses reaching 20% or more of their share capital. The Board of directors of Saudi Enaya shall be taking all the necessary steps as required under Article 150 of the Companies Law.