Riyadh - Mubasher: The board of Saudi Arabian Amiantit Company decided to cut the firm’s statutory reserves by 30.2% to amortise part of the accumulated losses that stand at SAR 206.884 million. 

The process will be carried out through transferring a sum of SAR 57.296 million from the reserves, which amounts to a total of SAR 189.472 million, according to a bourse disclosure on Thursday.

This will reduce the accumulated losses to SAR 149.588 million.

Further details will be provided after a report is issued by a legal accountant in this respect, the statement concluded.