Maadaniyah to vote on using SAR 27.2M reserve to erase accumulated losses on June 10

Logo of National Metal Manufacturing and Casting Co. (Maadaniyah)

National Metal Manufacturing and Casting Co.’s (Maadaniyah) shareholders will vote on transferring SAR 27.17 million of the statutory reserve balance to write off a part of the company's accumulated losses of SAR 96.89 million (27.37% of capital), as of Dec. 31, 2023.

The voting will be held during the extraordinary general meeting (EGM) scheduled for June 10, the company said in a Tadawul statement today.

The EGM will also vote on disbursing SAR 1.2 million as remuneration to the board members for fiscal year ended Dec. 31, 2023, the statement added.