Arabica Star EGM approves transferring statutory reserve to retained earnings

Logo of Arabica Star Co.

Arabica Star Co.'s shareholders gave the go-ahead for transferring the statutory reserve of SAR 848,000, as per 2023 financial statements, to retained earnings.

 

The approval was made during the extraordinary general meeting (EGM) held on March 16, according to a Tadawul statement.

 

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Shareholders also approved the amendment to Article 6 of the company's bylaws related to participation and ownership in companies, as well as the removal of Article 9 related to the shareholder register. In addition, they greenlit the amendment to Article 10 related to share trading.

 

In February, the board of directors recommended transferring the statutory reserve balance to the retained earnings, according to Argaam data.

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