Wafrah for Industry and Development Co. will face termination by April 11 under the Saudi Companies Law, if it fails to hold an extraordinary general assembly meeting (EGM) within 45 days from the date its board of directors was informed of losses or shareholders fail to pass a resolution.

 

In a statement to Tadawul, the company stressed on the importance of e-voting for the shareholders to participate in the general assembly to avoid timeout.

 

Last Thursday, Wafrah invited its shareholders to vote on a 61.4% capital cut to SAR 77.17 million from SAR 200 million during the extraordinary general assembly meeting that will be held on April 1.

 

The capital cut will be through writing off 12.28 million shares, in order to offset accumulative losses worth SAR 122.83 million.

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