National Building shareholders approve statutory reserve transfer

The statutory reserve stood at SAR 26.2 million as of Dec. 31, 2024

National Building and Marketing Co.’s (NBM) shareholders approved authorizing the board of directors to transfer the entire balance of the statutory reserve to other reserves, retained earnings, or for other purposes in line with the relevant regulations.

The decision was endorsed during the extraordinary general meeting (EGM) held on Dec. 17, the company said in a statement.

The statutory reserve stood at SAR 26.2 million as of Dec. 31, 2024, the statement said.