Riyadh – Mubasher: The board of Gulf Union Alahlia Cooperative Insurance Company has recommended to partially offset the accumulated losses by SAR 89.48 million by using the entire share premium account.

Following the reduction, the accumulated losses of the company will become SAR 27.85 million, representing 12.14% of the capital, according to a bourse filing on Wednesday.

It is worth noting that Gulf Union Alahlia entity is a result of a merger between Al Ahlia Insurance Company and Gulf Union Cooperative Insurance Company last year.