Riyadh – Mubasher: Aseer Trading, Tourism and Manufacturing Company on Thursday announced that the company’s shareholders had approved transferring SAR 94.11 million of statutory reserve to offset accumulated losses during an ordinary general meeting (OGM) held the previous day.

The OGM approved reducing statutory reserve to 24.7% of the company’s capital, according to a statement to the Saudi Stock Exchange (Tadawul).

In October 2018, the company’s shareholders approved slashing statutory reserve to 32.1% of its capital in a bid to offset accumulated losses.

The company reduced its accumulated losses by 67.9% to SAR 104 million in 2018 from SAR 324 million in the prior year.

At the end of 2018, the Saudi firm’s accumulated losses recorded SAR 94.1 million, representing 7.5% of its capital which amounted to SAR 1.263 billion.