Naseej faces termination if EGM not held by Dec. 23

09/11/2020 Argaam

Naseej International Trading Co. will face termination by Dec. 23, 2020, under the Saudi Companies Law, if it fails to hold an extraordinary general meeting (EGM) within 45 days from the date its board of directors was informed of losses, or shareholders fail to pass a resolution, the company said in a bourse filing on Monday.

 

The board of directors, being notified of the company’s accumulated losses on Nov. 9, 2020, can invite shareholders to attend the EGM no later than Nov. 23.

 

Naseej accumulated losses stood at 65.4% of capital.

 

In September, the board of directors recommended a 43.4% capital cut from SAR 178.16 million to SAR 100.76 million through writing off 7.74 million shares (1 share for every 2.302 share), according to data compiled by Argaam.

 

The board of directors also proposed a capital hike through SAR 150 million rights issue to be implemented following the capital cut.

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