Keir International Board Gives Preliminary Suggestions to Cut Accumulated Losses
Keir International's (SASE:9542) board made initial recommendations to reduce the company's accumulated losses of 148.4 million Saudi riyals, reflecting 123.7% of its capital, according to a Sunday release. Besides the transfer of the statutory reserve balance and the share premium balance to partly offset the accumulated losses, the impact of which will be reflected in Keir's interim financial results, the board suggested restructuring the capital of the Tadawul-listed telecommunications and electrical technologies services group and appointing a financial adviser. The management proposed that the extraordinary general assembly approve the continuation of the business.
Keir International's (SASE:9542) board made initial recommendations to reduce the company's accumulated losses of 148.4 million Saudi riyals, reflecting 123.7% of its capital, according to a Sunday release.
Besides the transfer of the statutory reserve balance and the share premium balance to partly offset the accumulated losses, the impact of which will be reflected in Keir's interim financial results, the board suggested restructuring the capital of the Tadawul-listed telecommunications and electrical technologies services group and appointing a financial adviser.
The management proposed that the extraordinary general assembly approve the continuation of the business.