Riyadh – Mubasher: The board of directors of Abdullah Saad Mohammed Abo Moati for Bookstores Company (Abo Moati) has approved the liquidation of its subsidiary, Mohamed Rashed Al Dowish for Trade.

The move was driven by the fact that the affiliated unit had not performed any operating activities since inception, according to a filing to the Saudi Stock Exchange (Tadawul) on Wednesday.

The capitalisation of Mohamed Rashed Al Dowish Company amounts to SAR 50,000, and Abo Moati owns around 99% of the company.

The company noted that the decision has no financial impact on its financial results.