Officially .. Request to liquidate the company Saudi Oger!

The ninth chamber of the Commercial Court of Riyadh announced that the National Bank, as a creditor, had filed a petition for bankruptcy requesting the opening of the liquidation procedure of Saudi Oger Ltd., set Wednesday, September 18th, the date on which it will be examined.

In accordance with the announcement of the Court, the debtor (Saudi Oger Ltd.) requested to be present on time, considering that it was a notification to the debtor under paragraph 3 of Article 6 of the Implementing Regulations of the Bankruptcy Law.

The court rendered a judicial decision in Riyadh on 20/5/2019 and summarized: The company's debts amounted to (21) billion riyals, while the amounts on the court's account in favor of the company amounted to (83) million riyals, In the company's accounts of (171) thousand riyals !, The decision indicated that the number of claims in the first period was greater than (6000) .

The execution department offered the creditors an amicable settlement, so that they paid their debts with the assets of the company and that each of them took (1% ) of his debt! Who was rejected.

The judicial decision was made to distribute the assets to the creditors, so that the priority of repayment is respected in the following order: 1 – execution costs. 2. Debt mortgaged by real estate instruments (which are State debts). Wages of the workers. Amounts due to the State. 5. Other creditors.

Saudi Oger Limited sold all its shares in Saudi Bank of Investment, which represented 8.58% of the bank's capital. In April 2017, she sold a total of 19.6 million shares of the Saudi Investment Bank at a price of 15 SR per share, for a total value of SR 295 million. May 31, 2018 The Saudi Stock Exchange "Tadawul", consisting of 43.3 million shares of the Saudi Investment Bank, at a price of 15.54 riyals per share, for a total of 673.3 million of riyals.