The board of directors of Anaam International Holding Group Co. (Anaam Holding) decided to invest in fixed income assets, such as real estate, right after the completion of the capital hike, CNBC Arabia reported, citing the CEO Hassan S. Yamani.
“The company is conducting serious negotiations with several parties that will be announced after signing the memorandum of understanding (MoU),” Yamani noted.
Signing the MoU will have a positive impact on the company’s financials by the end of 2020 or 2021, he further added.
The application of international accounting standards (IAS) to the agricultural activity led the company to incur massive losses and suspend its agricultural operations. Meanwhile, the cooling activity at central warehouses generates a marginal income for the company.
“The company plans to expand the cooling activity through acquisitions within the Kingdom,” Yamani said.
According to data compiled by Argaam, Anaam Holding’s accumulated losses were fully offset following the capital cut process.
In January, Anaam shareholders approved the board's recommendation to cut capital by 92.35% from SAR 196 million to SAR 15 million to offset SAR 181 million worth of accumulated losses.
Comments
{{DisplayName}}
{{ElapsedTime}}