Riyadh – Mubasher: Al Ahsa Development stated that its board decided on Monday to liquidate its wholly-owned subsidiary, the Saudi Japanese Textile Company (SJTC), and to appoint a liquidator.
The board has decided to take this step owing to the losses incurred by SJTC and their effect on the company’s unified financial statements, Al Ahsa said in a filing to the Saudi Stock Exchange (Tadawul) on Tuesday.
The textile company’s assets and liabilities were classified as held-for-sale, Al-Ahsa revealed, adding that the financial impact of the liquidation will be announced when the process is finalised.
Earlier in February, Al Ahsa stated its intention to liquidate SJTC, known as the textile plant, which has suspended production since 2007.
