SIDC board recommends using SAR 8.1 mln statutory reserve to offset losses

29/04/2020 Argaam

 

Saudi Industrial Development Co.’s (SIDC) board of directors recommended the use of full statutory reserve balance of SAR 8.1 million to offset part of the company’s accumulated losses, the company said in a bourse statement.

 

SIDC’s accumulated losses reached SAR 25.85 million as of December 31, 2019, representing 6.46% of capital.

 

The step will cut the company’s accumulated losses to SAR 17.76 million, or 4.44% of capital, the statement added.

 

The decision is pending approval from the company’s general assembly.

 

Any updates regarding this matter will be disclosed in a timely manner, the Saudi-listed firm also said.

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