Court orders SARCO to dissolve sulfonates unit

14/03/2018 Argaam

 

A Saudi court has ordered Saudi Arabia Refineries Co. (SARCO) to dissolve its 34 percent-owned, financially troubled affiliate, Arabian Sulfonates Co. (ASCO), the company said in a statement to Tadawul. 

 

The court also authorized Saleh Al-Naeem Chartered Accountants & Auditors to liquidate the sulfonates unit, and assess losses and liabilities.

 

In December 2016, a shareholder at ASCO (Mohammed Qusai Asaad) filed a lawsuit against SARCO, asking for liquidating the company after its accumulated losses exceeded 50 percent of capital.

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