Saudi Arabian Amiantit Company announced the reduction of the statutory reserve to extinguish part of the accumulated losses, after those losses amounted to about 60% of the capital.
The company said in a statement to the Saudi market (Tadawul) today, Thursday, that the company's board of directors decided to reduce the statutory reserve by 30.2% to extinguish part of the accumulated losses.
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An amount of 57.296 million riyals will be transferred from the company's statutory reserve amounting to 189.472 million riyals, in order to extinguish part of the accumulated losses amounting to 206.884 million riyals, so that the accumulated losses become 149.588 million riyals.
The company will announce the reduction of the accumulated losses as mentioned above after the issuance of a report from a chartered accountant in this regard.
The company clarified that the last day for the extraordinary general assembly to convene to address the accumulated losses according to Article 150 of the Companies Law, on October 5, 2020.
and in the event that the aforementioned general assembly was not convened within 45 days from the date of the Board of Directors becoming aware of the losses (which ends on October 5, 2020) or if the association met and was unable to issue a decision In the subject; The company will be deemed terminated by the force of the system, according to Article 150 of the Companies Law.
(Amazon Fun Knowledge)
