Zamil EGM approves using statutory reserve to offset accumulated losses

Logo of Zamil Industrial Investment Co.

Shareholders of Zamil Industrial Investment Co. approved, during an extraordinary general meeting (EGM) held on Sept. 28, a proposal by the board of directors to use a portion of the company's SAR 180 million statutory reserve to offset its accumulated losses.

According to a statement to Tadawul, Zamil Industrial’s accumulated losses amounted to SAR 169.25 million, representing 28.2% of its capital as of the fiscal year ended on June 30, 2023.