Shareholder files lawsuit against SARCO to dissolve Arabian Sulfonates

08/12/2016 Argaam

Saudi Arabia Refineries Co. (SARCO) has said that a lawsuit was filed against the company by a shareholder in the Arabian Sulfonates Company (ASCO) to dissolve the financially troubled sulfonates unit.

 

The shareholder is asking the court to liquidate ASCO since its losses exceeded 50 percent of its capital, SARCO added in a statement to Tadawul.

 

The court will consider the lawsuit on January 25, 2017.

 

SARCO currently owns 34 percent of ASCO. In November, SARCO filed a lawsuit against ASCO’s management team over major financial losses.

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