Riyadh – Mubasher: The shareholders of United Cooperative Assurance Company gave the green light to use SAR 31.94 million from the statutory reserves to offset part of the accumulated losses.

The company aims to reduce the accumulated losses as registered on 31 March 2021 to SAR 105.07 million, representing 26% of the capital, according to a bourse disclosure on Thursday.

This is instead of the amount of SAR 137.01 million which represents 34% of the capital.

The company earlier received the Saudi Central Bank’s (SAMA) approval to offset part of the accumulated losses by SAR 31.94 million from the statutory reserve.

Earlier this week, United Cooperative has disclosed its financial results for the first half (H1) of 2021 which showed that the accumulated losses reached SAR 145.54 million, accounting for 36% of the SAR 400 million capital, at the end of June this year.