Riyadh – Mubasher: The board of the Saudi Industrial Development Company (SIDC) has recommended to the general assembly fully utilizing the company’s statuary reserve to offset losses.

The board recommended using SAR 8.099 million to offset part of the company’s accumulated losses that reached SAR 25.85 million as of 31 December 2019, representing 6.46% of capital.

This will bring accumulated losses to 4.44% of the company’s capital at SAR 17.755 million, according to a stock exchange disclosure.

The decision is subject to the approval of the company’s ordinary general meeting (EGM).