SADAFCO gets shareholder nod on liquidation of units

Saudia Dairy and Foodstuff Co.’s (SADAFCO) shareholders approved liquidating three subsidiaries which have remained inactive since incorporation in 2008, the company said in a statement to Tadawul.

The three fully-owned subsidiaries—National Sight Holding Co., National Buildings Real Estate Co., and United Gulfers Transport Co.—each have paid-up share capital of SAR 2 million.

In March, the dairy producer’s board of directors recommended the liquidation of the three units as they had failed to meet established objectives, according to an Argaam report.

The decision was taken at SADAFCO’s extraordinary general assembly meeting held on Tuesday.