Al Arabia finalizes measures to liquidate subsidiary

Logo of Arabian Contracting Services Co. (Al Arabia)

Arabian Contracting Services Co.'s (Al Arabia) said it finalized all measures related to the liquidation of its subsidiary, Arabian Bird Trading Co. (Sindebaad), and the cancellation of the commercial registration, according to a statement to Tadawul.

Al Arabia board of directors approved on Oct. 26, the voluntary liquidation of Arabian Bird Trading Co. (Sindebaad), a wholly owned subsidiary with a SAR 50,000 paid-in capital, according to data available on Argaam.

The related financial impact - which is not expected to be material - will be shown after the completion of the liquidation procedures in Al Arabia’s consolidated financial statements over the coming period, the company added.