Ibn Rushd shareholders to vote on capital cut on Dec. 31

Arabian Industrial Fibers Company (Ibn Rushd) has invited its shareholders to attend a general assembly meeting on Dec. 31, 2017, to vote on a capital reduction to SAR 2 billion from SAR 8.51 billion to offset accumulated losses, the Saudi Industrial Development Co. (SIDC), which is a shareholder in Ibn Rushd, said in a statement to Tadawul.

Shareholders of Ibn Rushd, a subsidiary of SABIC, will also vote on converting the firm’s legal status to a limited liability company, and delegate the board of directors to undertake the process.

The general assembly will also decide on using a part of the current statutory reserve of SAR 43.8 million to offset losses.

SIDC added that it has booked an impairment provision representing 50 percent of the face value of its investment in Ibn Rushd.