Saudi commerce ministry approves trade license cancellation of Abo Moati subsidiary

23/12/2019 Argaam

Abdullah Saad Mohammed Abo Moati for Bookstores Co. (Abo Moati) announced that the Ministry of Commerce and Investment has approved cancelling the trade license of its subsidiary, Mohamed Rashed Al Dowish for Trade.

 

The company said in a statement to Tadawul that the affiliated unit had not performed any operating activities since inception, hence, there is no impact on its financial statement.

 

Early July 2019, the board of directors of Abo Moati approved the liquidation of its subsidiary, Mohamed Rashed Al Dowish for Trade.

 

The capitalization of Mohamed Rashed Al Dowish for Trade amounts to SAR 50,000, as Abo Moati owns around 99% of the company.

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