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Announcement by Keir International Company regarding the latest developments of the Company’s announcement on the accumulation of losses exceeding 50% of the Company’s capital and the Board of Directors’ recommendations in this regard
| Element List | Explanation |
|---|---|
| Introduction | With reference to Keir International Company’s announcement dated 08 January 2026 regarding the annual financial results and the announcement that the Company’s accumulated losses amounted to 95.37% of its capital, and with reference to Article (132) of the Companies Law, and in compliance with Article (5) of the Procedures and Instructions for Listed Companies whose accumulated losses reach 20% or more, relating to cases where the accumulated losses of a company reach 50% or more of its capital, the Company would like to announce the recommendations reached by the Board of Directors regarding the accumulated losses. |
| Previous Announcement | Keir International Co. announces its Annual Financial results for the period ending on 2024-12-31 |
| Date of Previous Announcement on Saudi Exchange’s Website | 2026-01-08 Corresponding to 1447-07-19 |
| Hyperlink to the Previous Announcement on the Saudi Exchange Website | Click Here |
| Latest Developments Of The Announced Event | Announcement of the Board of Directors’ recommendations regarding the accumulated losses, as follows: First: The Board of Directors recommends to the Extraordinary General Assembly the transfer of the statutory reserve balance amounting to SAR 13,573,347.00 (thirteen million five hundred seventy-three thousand three hundred forty-seven Saudi Riyals), as reflected in the financial statements for the year ended 31 December 2024, to the accumulated losses account, in order to offset part of the Company’s accumulated losses. Second: The Board of Directors recommends to the Extraordinary General Assembly the transfer of the full balance of the share premium, amounting to SAR 41,770,251.10 (forty-one million seven hundred seventy thousand two hundred fifty-one Saudi Riyals and ten halalas), as reflected in the financial statements for the year ended 31 December 2024, to the accumulated losses account, in order to offset part of the Company’s accumulated losses. Third: The Board of Directors recommends to the Extraordinary General Assembly the approval of the Company’s continuation, in light of the improvement in the Company’s performance during the year 2025. The Company will take the necessary procedures to present these recommendations to the upcoming Extraordinary General Assembly for voting, subject to shareholders’ approval. The Company will also announce any material developments in this regard as they occur. The Company would also like to note that it is in the process of completing the regulatory requirements related to the items of the General Assembly, and it will announce the invitation to the General Assembly once such requirements are completed. |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | Not applicable. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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