Naseej International Trading Co. will face termination by Dec. 23, 2020, under the Saudi Companies Law, if it fails to hold an extraordinary general meeting (EGM) within 45 days from the date its board of directors was informed of losses, or shareholders fail to pass a resolution, the company said in a bourse filing.

 

Meanwhile, the company invited, on Nov. 29, shareholders to vote on reducing capital to SAR 61.63 million from SAR 178.16 million, during the EGM to be held on Dec. 20, 2020.

 

Naseej accumulated losses stood at 65.4% of capital, Argaam earlier reported.

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