SIDC receives invitation to attend Ibn Rushd’s general assembly on April 1

Saudi Industrial Development Co. (SIDC) received on Feb. 24 an invitation from Arabian Industrial Fibers Co. (Ibn Rushd) to attend its ordinary general assembly (OGM) meeting scheduled for April, 1, it said in a statement to Tadawul.

The OGM will discuss either extending Ibn Rushd’s activity (according to the board of directors’ recommendation) or liquidating it.

SIDC, which holds a 1.56% stake in Ibn Rushd for a nominal value of SAR 132.9 million, had earlier allocated an impairment provision of SAR 66.4 million for Ibn Rushd over the past few years.

SIDC will study the impact of impairment losses on the book value of its investments, worth SAR 66.5 million, as of Dec.31, 2019.

Any financial impact will be announced in due course and in light of the OGM’s decisions, it noted.