Riyadh – Mubasher: The extra ordinary general meeting (EGM) of Saudi Advanced Industries Company (SAIC) will meet on 15 January to discuss reducing the statutory reserve.
The EGM will consider 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 will also include a vote on allocating SAR 25.16 million of the retained earnings to cover the remaining investment in Ibn Rushd Arabian Industrial Fibers Co.
The voting will also include amending the company's regulations to abide by the new company's law, besides adding selling and buying stock article to the company's articles of association.
