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SAICO recommends reserve to offset losses

Asset Management

SAUDI ARABIA: The Saudi Arabian Cooperative Insurance Company (SAICO) has announced that its board of directors has recommended to the extraordinary general assembly the use of SAR39,090 (US$10,396.3) from the company’s statutory reserve of SAR43,693 (US$11,620.5) on the 12th November 2024, to extinguish its accumulated losses.

This amount represents 13.03% of the company’s capital.

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