The shareholders of Abdullah A. M. Al-Khodari Sons Co. have disapproved the proposed capital hike during the general assembly meeting held on Tuesday, the company said in a bourse statement.
Shareholders also disapproved related party transactions and amendments to the company’s bylaws.
The company’s accumulated losses reached SAR 273 million as of Sept. 30, 2018, representing 48.9 percent of the total capital, according to data compiled by Argaam.
In June, the company’s board of directors amended its previous recommendation to raise capital by SAR 566 million instead of SAR 458 million through the issuance of new shares.
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