Riyadh – Mubasher: The extraordinary general meeting (EGM) of Mohammed Al Mojil Group on Tuesday decided not to liquidate the company and to continue its operations.

Shareholders also authorised the board of directors to take the necessary procedures in that respect with the relevant authorities, according to a bourse filing on Wednesday.

The EGM further approved the amendment to Article no. 16 of the company’s articles of association to reduce the number of directors on the board from 7 to 5 members.

Al-Mojil posted a net loss of SAR 12.7 million in April, bringing total accumulated losses to SAR 3.59 billion or 287% of capital.