Al-Mal Investment Company announced in a statement to Boursa today that the investment in United Insurance Company has been transferred from an investment in an associate to an investment in fair value through the statement of profits and losses in the financial statements for the year ended December 31, 2019, because the company is unable to exercise any Fundamental effect of United Insurance Company.
Al-Mal Investment Company clarified in the statement that the transfer of United Insurance Company resulted in a loss of KD 257,337 as a result of listing the investment at fair value and the financial impact has been included in the financial statements of December 31, 2019.