solutions EGM OKs SAR 308.8M reserve transfer to retained earnings

Logo of Arabian Internet and Communications Services Co

Arabian Internet and Communications Services Co.’s (solutions) shareholders approved transferring its statutory reserve, amounting to SAR 308.76 million as shown in the financial statements of 2022, to retained earnings, during the extraordinary general meeting (EGM) held on Dec. 27.

Shareholders also approved amending articles of incorporation, in line with the new Companies Law, according to a statement to Tadawul.

Moreover, the company’s shareholders agreed to amend the Audit Committee work regulations and the company’s policy for competition controls and standards.