The Nomu-listed Abdulla Saad Abo Moati For Bookstore Co.’s (Abo Moati) board of directors has approved the liquidation of its subsidiary, Mohamed Rashed Al Dowish for Trade, the company said in a bourse statement.
The liquidation decision, which has no relevant financial impact, was driven by the fact that the affiliated unit had not performed any operating activities since inception.
Mohamed Rashed Al Dowish for Trade is a limited liability firm, capitalized at SAR 50,000. It is 99 percent-owned by Abo Moati, while Mohamed Rashed Al Dowish Owns the remaining 1 percent.
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