Al-Khodari shares to remain on trading halt pending financial restructuring

The Capital Market Authority (CMA) will maintain a trading halt on Abdullah A. M. Al-Khodari Sons Co.'s shares pending a financial restructuring process.

Tadawul on April 30 placed a trading halt on the company’s shares until the company could disclose its fiscal financial statements.

Al-Khodari was notified by Dammam commercial court that one of the firm’s creditors filed for a financial restructuring under Saudi Arabia’s new bankruptcy law. The court set June 12, 2019 to review the creditor’s request.

The goal of the restructuring is to facilitate an agreement with creditors under the supervision of a financial restructuring secretary, the company said.

The firm said earlier this month that it couldn’t reveal 2018 financials because it is still fulfilling audit requirements after reporting that its accumulated losses accounted for 198.52 percent of capital.