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Abdulla Mohsen Al-Khodari, Al-Khudari, said that if the Extraordinary General Assembly did not meet within 45 days of the Committee's notification of the losses (ending on March 29, 2019) or if it did not meet was not pronouncing, The system as provided for in Article 125 of the Companies Act.
The company said in a statement on Tadawul that shareholders should attend the Extraordinary General Meeting scheduled for March 13, 2019 or automatically vote on the terms of the association in order to avoid the & 201 201 201 201 201 9 9 T T T. expiry of the assembly time.
According to the data available "Numbers" Abdulla Mohsen Al-Khodari Sons Company announced yesterday that the board of directors of the company had invited all shareholders of the company to attend the general meeting of March 13, 2019 to decide on The following options:
– Restructure the capital of the company in several stages, including capital increase and reduction, to the extent that the accumulated losses are less than half of the paid-up capital, after having obtained the approval of the competent authorities.
– Request the opening of the financial reorganization procedure as a bankruptcy procedure if the first item is not approved.
– Dissolution of the company before the period specified in the basic system, in case of non-approval of the first position and no approval of the second position.
The company announced that its losses accumulated on February 12, 2019. They amounted to 198.52% of the capital. The board of directors of the company was informed that accumulated losses arose at 1.11 billion rupees.
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