Riyadh – Mubasher: The extra ordinary general meeting (EGM) of Saudi Advanced Industries Company (SAIC) approved on Sunday reducing the statutory reserve.
The EGM agreed on decreasing the reserve from 50% to 30%, as per the new company regulations, so that the surplus of SAR 100 million to be transmitted to the retained earnings, according to a bourse filing.
The meeting also gave a nod to allocating SAR 25.16 million of the retained earnings to cover the remaining investment in Ibn Rushd Arabian Industrial Fibers Co.
SAIC EGM voted on amending the company's regulations to abide by the new company's law, besides adding selling and buying stock article to the its articles of association.
