Maadaniyah OKs transfer of SAR 27.2M statutory reserve to erase accumulated losses

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

National Metal Manufacturing and Casting Co.’s (Maadaniyah) shareholders approved 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 approval took place during the extraordinary general meeting held on June 10, according to a Tadawul statement.

Shareholders also gave the green light for other agenda items, including the disbursement of SAR 1.2 million as remuneration to board members for 2023.

For more news on listed companies