Saudi Automotive Services Co. (SASCO) said in a statement to Tadawul that the board decided on Nov. 26 to liquidate its 70%-owned Saudi Australian Co. for High Maintenance because of registration difficulties.
SASCO added that it will sign an agreement with the Australian partner to liquidate the subsidiary.
The company had announced on January 7, 2012 completing the procedures of signing a contract to establish a firm specialized in vehicle maintenance and services with nearly SAR 3.750 million ($1 million) capital.