Alsagr Insurance: GA to be convened before October 16 to address accumulated losses & others

Alsagr Cooperative Insurance Company announced on Monday about taking the required legal procedures in this regard.
The company said that in the event that Extraordinary General Assembly Meeting is not convened within 45 days from the date of the Board of Directors’ knowledge of the losses (which ends on 16/10/2022) or in case the meeting is convened but no decision is taken, the Company will be considered dissolved by force of law as per article 150 of the companies Law.
This comes with reference to the company’s announcement on 04-09-2022 pertaining to reaching accumulated losses of 65% of capital.