Anaam International faces termination if EGM not held by Jan. 8

Anaam International Holding Group will face termination by January 8, 2020 under the Saudi Companies Law if it fails to hold an extraordinary general assembly meeting within 45 days from the date its board of directors was informed of losses or shareholders fail to pass a resolution, it said in a statement to Tadawul.

Last month, the company announced that its accumulated losses as of November 10, 2019 stood at SAR 181 million, or 92.3% of capital, Argaam reported earlier.

The board was notified of losses on November 25, 2019.

Anaam International’s board of directors recommended a 92.35% capital cut to SAR 15 million from SAR 196 million to offset losses followed by a capital hike through SAR 75 million rights issue.

Shareholders of Anaam are set to vote on the capital cut during the EGM that will be held on December 31, 2019.