Bawan to vote on using statutory reserve to offset losses

Bawan Co.’s shareholders on May 22 will vote on transferring SAR 88.9 million in statutory reserve to offset accumulated losses, the company said in a statement to Tadawul on Monday.

Accumulated losses stand at 13.5 percent of the company’s capital.

The general assembly will also vote on the company's financial statements, the board and auditor's reports for the fiscal year 2018.

Shareholders will discharge the board from liability for the previous year, and appoint an external auditor for the current year and Q1 2020, the statement added.