Tourism Enterprise Co. Announces the Decrease of its Accumulated Losses to 1 % of the Capital
| Element List | Explanation |
|---|---|
| Introduction | Referring to the recommendation of the Board of Directors dated 16/01/1443 corresponding to 24/08/2021, regarding the reduction of the Company’s share capital by 48.21%, and, as the Company’s shareholders approved during the Extraordinary General Assembly Meeting held on 05/05/1443corresponding to 09/12/2021, the Company wishes to announce the decrease in share capital of SR 48,933,070 through absorbing all accumulated losses. |
| Date of accumulated losses decrease | 2021-12-09 Corresponding to 1443-05-05 |
| Amount of the Accumulated Losses | The Company’s accumulated losses are now 569,814 Saudi riyals, equivalent to 1% of the capital. |
| Measures Taken by the Company to Decrease Accumulated Losses | Reducing the share capital of the Company from SAR 101,500,000 to SAR 52,566,930 based on the approval of the Extraordinary General Assembly held on 05/05/1443 Corresponding to 09/12/2021. |
| Auditor's Report showing the Financial Position of the Company after the Decrease of the Accumulated Losses |  |
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