Jazan Development writes off accumulated losses against reserve

16/09/2014 Argaam

The board of directors of Jazan Development Company agreed to write off the company’s accumulated losses against statutory reserve.

The company’s accumulated losses reached SAR 68.9m (13.8% of paid in Capital) as of June 30, 2014 and will be written off against the statutory reserve of SAR 150.4m after obtaining the general assembly’s approval as announced by the company on Tadawul today.

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