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Riyadh: the board of directors of Amiantit Saudi Arabia recommended the convening of an extraordinary general meeting in accordance with article 150 of the Companies Act in order to reduce the capital of 70, 2% to cover accumulated losses. This meeting is convened after having obtained the approval of the competent authorities.
On Thursday, the company announced a cumulative loss of 810.48 million riyals, representing 70.2% of the capital of 1.155 billion riyals.
The company stated that the chairman of the board of directors and the board members had been informed of the company's losses amounting to 70.2% of the capital on August 1, 2019..
Pursuant to Section 125 of the By-Laws, the Board of Directors convenes an Extraordinary General Meeting to review the accumulated losses and to find solutions to the problem within 15 days of the date of the announcement. results..
The company explained that, if the Extraordinary General Assembly was not convened within 45 days from the date on which the board of directors had knowledge of the losses (ending September 14th 2019) or if it met without being able to make a decision on it, the one hundred and fifty centuries of the enterprise system.
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