SADAFCO board OKs voluntary liquidation of Qatar-based subsidiary

05:22 PM (Mecca time) Argaam
Saudia Dairy Foodstuff Co.’s (SADAFCO)headquarter

Saudia Dairy & Foodstuff Co.’s (SADAFCO) headquarter

 

Saudia Dairy & Foodstuff Co.’s (SADAFCO) board of directors approved today, Nov. 7, the start of voluntary liquidation procedures for SADAFCO Qatar LLC.

 

The Doha-based subsidiary, which is 75% owned by the company, has a paid-up capital of SAR 1.5 million.

 

The decision came as SADAFCO Qatar has been dormant for several years, the company said in a statement to Tadawul.

 

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SADAFCO also highlighted that its products will continue to be available in the Qatari market through an authorized distributor.

 

It added that the financial impact of the planned liquidation is likely to be immaterial and will be reflected its consolidated financial statements following the completion of the relevant procedures.

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