Date of the Posting the Company’s Announcement that the Accumulated Losses Thereof Reached 50% or more of its Capital on Tadawul’s Website
2021-05-17 Corresponding to 1442-10-05
Date of Notifying the Board of Directors with the Accumulated Loss
2021-05-10 Corresponding to 1442-09-28
Date the Period given to the Board to Invite the Extraordinary General Assembly for A Meeting Ends as per Article 150 of the Companies Law
2021-07-08 Corresponding to 1442-11-28
The Deadline for Convening the Extraordinary General Assembly to Address the Accumulated Losses as per Article 150 of the Companies Law
2021-11-05 Corresponding to 1443-03-30
Non Convening of the Extraordinary Meeting within 45 Days from Board of Directors Knowledge of the Loses or if the Meeting was Convened but No Decision is Taken
According to The Royal Decree No 15016 on 16/03/1442H, regarding Suspending some provisions of the Companies’ Law issued by Royal Decree No. (M/3) on 28/01/1437 H. And according to decision no. (348) issued by His Excellency the Minster of Commerce dated 04/10/1442 H based on the said Royal Decree, paragraph No. two (2) of article No 150 of Companies’ Law, has been suspended, which dictates The company shall be deemed terminated by the operation of law if the extraordinary general assembly fails to meet during the period set forth according to the decision issued by His Excellency the Minster of Commerce (180 days from the date of the Board of Directors Knowledge of the accumulated losses which ends on 05/11/2021 ; or if the assembly convenes but fails to issue a decision on the matter).
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