Riyadh – Mubasher: The extra ordinary general meeting (EGM) of Qassim Agricultural Co. approved on Monday on the capital cut request.
Earlier, the company's board recommended decreasing the company's capital 40% to SAR 300 million from SAR 500 million to offset accumulated losses.
The EGM also agreed on amending article 6 and 7 of the company's bylaws to be in compliance with the New Companies Law and amending article 2 concerning change the company’s legal and business names to Qassim Investment Holding.
The capital decrease will be valid on shareholders of record at the end of the meeting's date. There is no financial impact for the capital reduction on the company's financial obligations, according to a bourse filing.
Earlier, the company announced appointing Wasatah Capital Investments as a financial consultant to manage the capital decrease, after obtaining the required approvals.
