SIDC shareholders to vote on using SAR 8.1 mln statutory reserve to offset losses on June 14

Saudi Industrial Development Co.’s (SIDC) shareholders are set to vote on using full statutory reserve balance of SAR 8.1 million to offset part of the company’s accumulated losses, during the general assembly meeting that will be held on June 17, 2020, the company said in a bourse statement.

Shareholders will also vote on granting the board of directors the powers of the general assembly for 1 year or until the end of the current term, whichever is closer.

In April, SIDC’s board of directors recommended the use of statutory reserve balance of SAR 8.1 million to offset part of the company’s accumulated losses which reached SAR 25.85 million as of December 31, 2019, according to data compiled by Argaam.