After the accumulated losses of the Saudi Vegetable Company, in mid-February, amounted to about 198% of the capital, equivalent to 1.110 billion riyals, it appears that the company has decided to rescind a contract A project signed with the Ministry of Transport in 2015 with a total value of about 92 million riyals.

Al-Khudari attributed the reason for applying for the annulment, to the expected loss, in addition to the costs associated with the resources needed to complete the implementation of the project, after the end of the period of stopping the project by the Ministry of Transport As of the sixteenth of November 2016, it is worth noting that 55% of the total value of the work of the project has been invoiced, and Al-Khudari expected that the costs and financial burdens resulting from the termination of the project contract will amount to about 34 million riyals.

It is worth noting that, the extraordinary general assembly of Al-Khudari Company agreed to restructure the company’s capital through several steps that include increasing and reducing the capital, to the extent that it decreases It has # accumulated losses below half of the paid up capital.

Namazon Services..programmed technical analysis platform ... for UAE, Saudi, and global markets


With your support we continue ... to provide valuable content and smart solutions for investors, to discover opportunities in the local and global markets.

To more:

Saudi cement companies are searching for a life collar