Saudia Dairy and Foodstuff Company’s (SADAFCO) board of directors has recommended liquidating 3 of its subsidiaries which have remained inactive since 2008, the company said in a statement to Tadawul.
National Sight Holding Co., National Buildings Real Estate Co., and United Gulfers Transport Co., were the subsidiaries named in the statement.
The liquidation is subject to shareholder approval at the company's next extraordinary general assembly, SADAFCO said, adding that it doesn't expect any material impact from the move.
The decision came after the board reviewed the status of the companies and found that the objectives for establishing them had not been met.
Each subsidiary is fully owned by SADAFCO and has a paid up share capital of SAR 2 million.
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