In reference to the period set for the existing companies to remedy their positions as per the provisions of the Companies Law on 25/07/1438H corresponding to 22/04/2017G; as the end of this period is approaching and as per Article (150) of the Companies Law stating that when the company's accumulated losses reach half of its paid capital, the company's board shall invite the extraordinary General Assembly to convene to decide either to increase the company's capital, decrease it to the level so that losses decrease below half of the company's paid capital or dissolve the company before the term prescribed in its bylaws. In case the extraordinary General Assembly was not held within the prescribed period, if a meeting was held but failed to issue a resolution on this matter or if the Assembly decided to increase the capital but not all of the capital increase was subscribed for within (90) days from the issuance of the Assembly's resolution to increase the capital, then the company is deemed dissolved by force.

CMA announces the issuance of its Board resolution obliging the listed companies with  Accumulated Losses amounting to %50 or More of their capital to disclose their plan for implementing Article (150) of the Companies Law on the website of the Saudi Stock Exchange (Tadawul) before 24/07/1438H corresponding to 21/04/2017G.