Chapter 5 Statutory Reserves Are for Cowards

[T-62386] Tadawul announcement, March 24, 2021, 08:36 — FY 2020 annual results.

[T-63661] Tadawul announcement, June 3, 2021, 16:03 — Board resolution to use the statutory reserve.

[T-64074] Tadawul announcement, July 8, 2021, 08:25 — SAMA approval to renew the insurance license.

[T-64079] Tadawul announcement, July 8, 2021, 08:33 — Results of the July 7, 2021 Ordinary General Assembly.

[T-64106] Tadawul announcement, July 11, 2021, 08:39 — SAMA approval to use the entire statutory reserve.

Cited in Chapter 6

[T-64633] Tadawul announcement, August 19, 2021, 09:00 — Results of the August 18, 2021 Ordinary General Assembly.

Cited in Chapters 6 , 11

[T-64862] Tadawul announcement, September 12, 2021, 08:11 — Accumulated losses decrease to 28.4% of capital (on the June 30, 2021 balance; the 26.27% in the text applies the transfer to the March 31, 2021 balance).

[T-64889] Tadawul announcement, September 15, 2021, 08:40 — Addendum: auditor’s report on the reserve offset.

[T-72970] Tadawul announcement, April 9, 2023, 15:35 — Najm revaluation: 18% favorable impact on net assets.

[T-84062] Tadawul announcement, December 9, 2024, 08:49 — Board recommends a capital reduction to SAR 300 million.

Cited in Chapters 9 , 14

[T-94435] Tadawul announcement, April 15, 2026, 08:47 — IA no-objection to use the statutory deposit.

Cited in Chapters 12 , 14 , 16

[T-98337] Tadawul announcement, September 30, 2026, 15:41 — Court opens liquidation proceedings.

Cited in Chapters 7 , 14

[FS-2021-FY] Annual financial statements, FY 2021.

Cited in Chapters 3 , 4 , 7 , 11 , 13 , 15 , 16

[FS-2022-Q2] Interim financial statements, Q2 2022 (review report dated August 29, 2022).

Cited in Chapters 6 , 7 , 12 , 15

[FS-2023-Q1] Interim financial statements, Q1 2023.

Cited in Chapters 7 , 8 , 16

[FS-2026-Q2] Interim financial statements, Q2 2026 (review report dated August 12, 2026).

Cited in Chapters 6 , 7 , 10 , 12 , 14 , 15 , 16

[R-ACL] Procedures and Instructions for Listed Companies with Accumulated Losses (Capital Market Authority).

Cited in Chapter 10

[R-CL] Cooperative Insurance Companies Control Law — Articles 10, 15.

[R-CO15] Companies Law (2015) — Articles 129, 150.

[R-IFRS13] IFRS 13 Fair Value Measurement — paragraphs 87–89.

Cited in Chapter 16

[R-IFRS9] IFRS 9 Financial Instruments.

Cited in Chapters 8 , 16

[R-IR] Implementing Regulations of the Cooperative Insurance Companies Control Law (SAMA) — Articles 58, 70(2)(g), 73(2).

Cited in Chapters 7 , 8 , 9 , 10 , 12 , 14 , 15 , 16

[R-IVS] International Valuation Standards (IVS 2022).

[X-ARGAAM-1635113] Argaam, April 9, 2023: insurers announce Najm revaluation.