Aseer to cut statutory reserve to 50% of capital

Shareholders of Aseer Trading, Tourism & Manufacturing Co. (Aseer) have approved cutting its statutory reserve by 50 percent of capital and transferring SAR 175.66 million to the retained earnings account, the Saudi company said in a statement to Saudi bourse, Tadawul.

At the general assembly that was held on Monday, shareholders also approved forming an audit committee for the new term which started on October 27, 2016.