Al Sorayai narrows accumulated losses to nearly 3% of capital
31/01/2018
Argaam
Al Sorayai Trading and Industrial Group Co.’s accumulated losses have reached SAR 5.56 million, representing 2.47 percent of capital as of Dec. 31, 2017, the company said in a statement to Tadawul.
The group recently launched a restructuring plan that aims to dispose of non-yielding operations amid current market conditions.
Last month, the company’s extraordinary general assembly approved a 40 percent capital reduction to SAR 225 million from SAR 375 million, in order to offset accumulated losses.
Shareholders also approved using the company's total statutory reserve of SAR 33.1 million and the total general reserve at SAR 2.3 million to partially offset accumulated losses.
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