Sinad shareholders OK SAR 219.2M statutory reserve transfer to offset losses

Logo of Sinad Holding Co.

Sinad Holding Co.'s shareholders approved the transfer of the SAR 219.25 million statutory reserve to fully offset the company's accumulated losses, during the extraordinary general meeting (EGM) held on June 26, a statement to Tadawul said.

The losses amounted to SAR 160.25 million, representing 12.68% of the capital according to the 2023 financial statements.

After fully offsetting the accumulated losses, the company will have a retained earning balance of SAR 59 million, the statement added.

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