Takween shareholders to vote on using statutory reserve to offset losses

Takween Advanced Industries (Takween) shareholders will vote on using the company’s statutory reserve to offset losses for the fiscal year 2018 in the general assembly meeting scheduled for Apr. 17.

Shareholders will also vote on the company’s financial statements as well as the board and auditor’s reports for the fiscal year 2017, the firm said in a statement to Tadawul on Monday.

 An external auditor will be also appointed for the remaining fiscal periods in 2018, and the board of directors will be discharged from liability for the previous fiscal year.

Registered shareholders at the Saudi Securities Depository Center (Edaa) by the end of the trading day prior to the general assembly meeting are entitled to attend. They can authorize another person to attend on their behalf in accordance with the rules and regulations.

Shareholders can also vote online through Tadawulaty website from Thursday, Apr. 12 to Apr. 17, the statement added.