SADAFCO ANNOUNCES THE LIQUIDATION OF THREE OF ITS SUBSIDIARIES.

22/03/2016 12:19 AST

The SADAFCO Board of directors has reviewed the status of the following subsidiaries and concluded that the objectives for which these companies were formed were not met and recommended in its meeting held on 21 March, 2016 to the Board of Directors of the individual subsidiaries to liquidate them and to take all necessary actions to bring the liquidation to a close following the EGM approval of each subsidiary:

National Sight Holding Company-Investments

National Buildings Real Estate Company-Real estate

United Gulfers Transport Company-Transport logistics

The above mentioned subsidiaries have been inactive since incorporation in 2008. Each subsidiary has a paid up share capital of SAR 2M and SADAFCO owned 100% share for all the three companies and there will be no material financial impact arising from this proposed liquidation.


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