Ibn Rushd’s shareholders approve business continuity, says SIDC

Saudi Industrial Development Co. (SIDC) received, on April 21, an email from Arabian Industrial Fibers Company (Ibn Rushd) that shareholders approved extending the company’s activity, during the ordinary general assembly (OGM).

SIDC said in a statement to Tadawul that the decision comes in line with Clause 181 of the Companies Law. According to data compiled by Argaam, SIDC received on Feb. 24 an invitation from Ibn Rushd to attend its OGM that was scheduled for April 1 to discuss extending Ibn Rushd’s activity or liquidating it.

SIDC, which holds a 1.56% stake in Ibn Rushd for a nominal value of SAR 132.9 million, had earlier allocated an impairment provision of SAR 66.4 million for Ibn Rushd over the past few years.