Riyadh — Mubasher: Al Sagr Cooperative Insurance Company announced a board recommendation to transfer the firm’s entire statutory reserve which stands at SAR 8.90 million to its accumulated losses account.
The proposal will be put to a shareholder vote during an extraordinary general meeting (EGM) that is scheduled for 22 November 2026 at 18:30.
Al Sagr Cooperative Insurance elaborated that the transfer transaction aims to partially extinguish accumulated losses, which stood at SAR 39.40 million as of 30 June 2026. This figure represents 13.1% of the company's SAR 300 million paid-up capital.
If approved, the transaction is expected to reduce the accumulated loss ratio to 10.10% of capital.
Shareholders will also vote on electing members to the board of directors for a new three-year term beginning on 23 November 2026 and ending on 22 November 2029.
Additionally, the assembly will consider delegating the powers of the ordinary general meeting (OGM) to the newly elected board for a period of one year, in accordance with the Companies Law.
The meeting will be held both in-person at the company’s Dammam headquarters and virtually via the Tadawulaty platform.
