Molan Steel OKs transferring SAR 3.7M from issue premium to offset accumulated losses

Logo of Molan Steel Co.

Molan Steel Co.’s shareholders approved, during an extraordinary general meeting (EGM) held on Dec. 30, transferring SAR 3.72 million from the offering premium balance of SAR 4.70 million to offset the company's accumulated losses.

According to a statement to Tadawul, the company pointed out that the losses stand at SAR 3.72 million, representing 13.97% of capital, as per the financial statements for the period ended on June 30, 2024.

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The EGM further approved the participation of Muthanna Al Raqtan in competition activities related to the company's business.

Additionally, shareholders approved amendments to the Audit Committee’s regulations as well as policies, standards, and procedures for board membership and its sub-committees.

Last October, Molan Steel’s board proposed the transfer of the entire offering premium of SAR 4.7 million to the retained earnings (losses) to offset the company's accumulated losses, according to Argaam data.