SIDC shareholders approve transferring SAR 8.1 mln to offset accumulated losses

Saudi Industrial Development Co.’s (SIDC) shareholders approved the recommendation of the board of directors to transfer a surplus of SAR 8.1 million from the statutory reserves to offset accumulated losses, during the ordinary general assembly meeting held on June 14.

Shareholders also approved all other items on the meeting’s agenda, the company said in a statement to Tadawul.

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.