80 Days
Source:
الاقتصادية
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QIMCO Shareholders Approve 77.7% Capital Reduction to Offset Losses
Al-Methanol Chemicals Company has decided to reduce its capital by 77.7%, from 674.5 million riyals to 150 million riyals, in order to offset 90.7% of its accumulated losses by canceling 52.4 million shares. Shareholders also approved converting 53.4 million riyals from reserves to cover the remaining losses. It is noted that the reduction will not impact the company's liabilities or shareholders' equity, although it may result in fractional shares for shareholders. Additionally, the company faces legal claims exceeding 104 million riyals and is seeking to take appropriate legal actions.
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