Saudi Automotive Services Co. (SASCO) announces the latest updates of the Board of Directors’ recommendation to transferring the company’s statutory reserve to the retained earnings
| Element List | Explanation |
|---|---|
| Introduction | SASCO refers to its announcement at Tadawul website on March 28, 2024 regarding the Board of Directors’ recommendation to transferring the company’s statutory reserve to the retained earnings.
The company would like to announce the cancellation of the previous Board of Directors’ recommendation to transfer the entire balance of the statutory reserve (83.1 Million SAR) to the retained earnings item and use the entire amount of the statutory reserve to increase capital.
Note that there is no impact on the financial statements. |
| Previous Announcement | The Board of Directors’ recommendation to transferring the company’s statutory reserve to the retained earnings |
| Date of Previous Announcement on Saudi Exchange’s Website | 2024-03-28 Corresponding to 1445-09-18 |
| Hyperlink to the Previous Announcement on the Saudi Exchange Website | Click Here |
| Latest Developments Of The Announced Event | Cancellation of the previous Board of Directors’ recommendation to transfer the entire balance of the statutory reserve (83.1 Million SAR) to the retained earnings item and use the entire amount of the statutory reserve to increase capital. |
| Reasons For The Delay on The Date of The Event Previously Announced | N/A |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | N/A |
| Delay consequences on the Company’s financial results | N/A |
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