Lawsuit against SARCO adjourned to Jan. 31

20/12/2017 Argaam

A Saudi court has adjourned the lawsuit filed by Mohammed Qusai Asaad, a shareholder at Arabian Sulfonates Co. (ASCO), against Saudi Arabia Refineries Co. (SARCO) to Jan. 31, 2018, the company said in a statement to Tadawul on Wednesday.

 

An auditor has presented an initial report to the court, and SARCO’s legal consultant asked for time to review the report, the statement said.

 

Asaad is suing SARCO to dissolve ASCO after accumulated losses exceeded half its capital.

 

Further developments will be announced as they occur, it added.

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