Jul 17 2011 |
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Jazan Development Company (Jazadco) which holds 20% of Tabuk Fisheries Company announces the decrease of the shares capital of Tabuk Fisheries Company
Jazan Development Company announces that the Extra Ordinary General Assembly of Tabuk fisheries Company (closed by shares ) in which Jazadco holds 20% of its share capital, resolved in its meeting held on Saturday 16 July 2011 evening the decrease of the companys share capital by 50%; ie., from 200 million riyals to 100 million riyals (from 20 million shares to 10 million shares of 10 riylas each that is by writing off 10 million shares ) in order to write off some losses from investments in some shares in some companies The effect of this resolution on Jazadco is the reduction of Jazadcos investment from 40 million riyals to 20 million riyals (from 4 million shares to 2 million shares that is by writing off 2 million shares ) and the balance of 20 million loss will be reflected in the companys financial statements of 3rd quarter 2011 . The resolution will be effective from 16/7/2011© Tadawul 2011
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