Al-Khodari 'fails' to issue recommendation on accumulated losses

27/02/2019 Argaam

 

Abdullah A. M. Al-Khodari Sons Company’s board of directors was unable to issue recommendation regarding the accumulated losses, the company said in a bourse statement.

 

The board also hasn’t invited shareholders to discuss the matter yet as the company’s management is still in contact with a number of consultants for the best mechanism to address the accumulated losses, the statement added.

 

The extraordinary general assembly should convene by March 29 at most, otherwise the company will be dissolved.

 

Earlier this month, the company said that its accumulated losses as of Feb. 12, 2019 widened to SAR 1.11 billion representing 198.52 percent of capital, according to data compiled by Argaam.

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