Molan OKs transferring SAR 567,100 statutory reserve to offset accumulated losses

Logo of Molan Steel Co.

Shareholders of Molan Steel Co. gave the green light to transfer SAR 567,100 statutory reserve to partially offset the company’s SAR 1.79 million accumulated losses, as of Dec. 31, 2023, during the extraordinary general meeting (EGM) held on June 25.

Accumulated losses represent 6.72% of Molan’s capital, the company said in a statement to Tadawul.

The board was also authorized to distribute interim dividends on a semi-annual or quarterly basis for 2024.

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The shareholders also elected five board members for the next three-year term starting July 11, 2024, namely Abdulrahman Alodaiby, bandar Alodaiby, Abdulaziz Alodaiby, Muthanna Al-Raqtan and Faisal Al-Fahadi.