Riyadh – Mubasher: The accumulated losses of Al Sagr Cooperative Insurance Company retreated to 12.12% from 69.24% of the capital as of 31 October 2022.

The accumulated losses amount plunged to SAR 16.96 million from SAR 276.96 million, according to a bourse disclosure.

The lower accumulated losses were registered after the company’s shareholders granted their approval for a 65% capital cut to SAR 140 million from SAR 400 million.

The Capital Market Authority (CMA) passed Al Sagr Cooperative’s capital decrease last October.