Development Works Food shareholders OK transfer of statutory reserve to cover losses

08:53 AM (Mecca time) Argaam
Logo ofDevelopment Works Food Co.

Logo of Development Works Food Co.

Development Works Food Co. said its shareholders approved the transfer of the company’s statutory reserve balance to the accumulated losses account during an extraordinary general meeting held on Oct. 20.

 

In a statement to Tadawul, the company said its statutory reserve stood at SAR 853,860, based on financial statements as of June 30, 2025.

 

Shareholders also approved amendments to the company’s Articles of Association to align with the new Companies Law, including reordering and renumbering articles to reflect the changes.

 

According to Argaam data, Development Works Food’s accumulated losses reached SAR 5.7 million by the end of the second quarter of 2025, representing 19.13% of its capital.

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