Riyadh – Mubasher: Al Ahsa Development’s board decided on Tuesday to liquidate its subsidiary, Al Ahsa Real Estate Development Co Ltd, for not being financially useful.
The liquidated company’s capital amounts to SAR 500,000 and there is no financial impact for the liquidation as the company had not begun its operational processes, according to a bourse filing.
In October, Al Ahsa Development stated that its board decided 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.
