Shareholder’s lawsuit against SARCO postponed to May 8

08/03/2017 Argaam

The lawsuit filed by an Arabian Sulfonates Co. (ASCO) shareholder against Saudi Arabia Refineries Co.’s (SARCO) to dissolve the financially troubled sulfonates unit has been postponed to May 8, 2017, SARCO said in a statement to Tadawul on Wednesday.

 

A court in Jeddah postponed the case in order to determine the reason behind the loss. 

 

The lawsuit was filed by the shareholder in December 2016, asking the court to liquidate ASCO since its losses exceeded 50 percent of its capital

 

SARCO had also filed a claim the previous month for the liquidation of ASCO, its 34 percent-owned affiliate.

 

The company asked for SAR 26.27 million for losses caused by ASCO’s management, in addition to adequate financial compensation.

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