Latest news with #statutoryreserve
Argaam
28-05-2025
- Automotive
- Argaam
Aqaseem Factory to transfer SAR 3.4M statutory reserve to retained earnings
Aqaseem Factory for Chemicals and Plastics Co. 's shareholders approved transferring the company's statutory reserve of SAR 3.38 million to retained earnings during an extraordinary general meeting (EGM) on May 27. The statutory reserve is based on the annual financial statements for the year ended Dec. 31, 2024, Aqaseem Factory said in a statement to Tadawul. Shareholders also approved contracts signed with Leader Express for Automotive Services, in which board members Mohammed Al Dossary and Faisal Al Zahrani hold indirect interests. The contracts, valued at SAR 5.74 million for 2024, do not include any preferential terms. All other items on the meeting's agenda were also approved, the statement added.
Argaam
22-05-2025
- Business
- Argaam
Fesh Fash EGM OKs halting 10% profit allocation to statutory reserve
Fesh Fash Snack Food Production Co. 's shareholders approved halting the 10% appropriation from net profits previously allocated to set up the company's statutory reserve, according to a Tadawul statement. They also endorsed the board's March 23, 2025, recommendation to transfer the entire statutory reserve of SAR 1.43 million, as of Dec. 31, 2024, to retained earnings. Shareholders further approved discharging the board members from liability for 2024. All remaining items on the agenda were also approved, the statement added.
Argaam
21-05-2025
- Business
- Argaam
Jabal Omar OKs SAR 108.5M statutory reserve transfer to retained earnings
Jabal Omar Development Co. 's shareholders approved the transfer of the statutory reserve balance amounting to SAR 108.5 million, as per the 2024 financial statements, to retained earnings during the extraordinary general meeting (EGM) held on May 20. In a statement to Tadawul, the company said shareholders also approved the remaining items on the agenda during the EGM.
Argaam
19-05-2025
- Business
- Argaam
Arabian Cement votes June 15 on SAR 500M reserve transfer to retained earnings; 150,000 share buyback
Arabian Cement Co. 's shareholders will discuss transferring the entire statutory reserve of SAR 500 million, as per financial statements for 2024, to the retained earnings, during the extraordinary general meeting (EGM) scheduled for June 15, according to a statement to Tadawul. They will further discuss transferring the entire general reserve of SAR 95 million as per financial statements for 2024, to the retained earnings. Additionally, shareholders will vote on developing the employee shares program, while authorizing the board of directors to determine the terms and conditions of the program, including the offering price for each share allocated to employees, if applicable. They will also discuss the buyback of 150,000 shares maximum of common stocks to be retained as treasury shares, and to be allocated to the employees shares program as per regulations, provided that the share repurchase will be financed from the company's own resources. The board will be authorized to complete the share repurchase within a maximum period of 18 months from the date of the EGM decision, and that the repurchased shares will be maintained for a period not exceeding five years from the date of the EGM approval. The company, after the end of this period, will follow the procedures and controls stipulated in relevant laws and regulations.
