Wafrah faces termination if EGM not held by Apr. 11

26/02/2020 Argaam

  

Wafrah for Industry and Development Co. will face termination by April 11 under the Saudi Companies Law if it fails to hold an extraordinary general assembly meeting within 45 days from the date its board of directors was informed of losses or shareholders fail to pass a resolution.

 

The board of directors, being notified of the company’s accumulated losses on Feb. 26, can invite shareholders to attend an extraordinary general assembly meeting no later than Mar. 12.

  

Wafrah’s accumulated losses stood at 61% of capital as of Feb. 26, 2020.

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