Middle East Paper Co. Announces the latest development related to the initiation of the liquidation procedures for one of the subsidiaries.
|Introduction||With reference to the company announcement posted in Tadawul on 21/11/2021 regarding the board approval to the initiation of the liquidation procedures for the Special Achievements Company Limited Liability (Subsidiary). |
The company is pleased to announce to its shareholders the completion of the required procedures for liquidating the Special Achievements Company Limited Liability, and the company's commercial registration was canceled by the Ministry of Commerce.
|Previous Announcement||The Middle East Paper Company (MEPCO) announces the issuance of the Board of Directors’ resolution by circulation on 21.11.2021 approving the initiation of the liquidation procedures for the Special Achievements Company Limited Liability (Subsidiary), 100% owned, with a capital of 100,000 Saudi riyals. The reason for liquidation is that the company no longer serves any legal or commercial purpose in the Group. All the related activities will continue to be conducted by Waste Collection and Recycling Company Limited (“WASCO”), and accordingly, there will be no financial impact expected from the liquidation procedures. A certified liquidator will be appointed to start the company's liquidation process.|
|Date of Previous Announcement on Tadawul's Website||2021-11-21 Corresponding to 1443-04-16|
|Percentage of fulfilled achievement||100%|
|Event's Expected Completion Date||Not applicable|
|Reasons for Exceeding the Announced End Date||Not applicable|
|The costs associated with the event, and if they have changed or not with indication of the reasons.||Not applicable|
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