Riyadh-Mubasher: Al Ahsa Development Co. (ADC) said Sunday its board of director gave the go-ahead for appointing a liquidator to wind up 100%-owned Saudi Japanese Textile Co.
The winding-up is aimed to overcome the financial burdens that weigh on the company’s consolidated financial results, ADC said in a bourse statement, adding that it is difficult currently to set the relevant financial impact.
On 19 October 2014, the company’s shareholders approved the sale of the textile plant.
