cma amends rules on firms losing more than 50 of share capital
Last Updated : GMT 05:17:37
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Last Updated : GMT 05:17:37
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CMA amends rules on firms losing more than 50% of share capital

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Emiratesvoice, emirates voice CMA amends rules on firms losing more than 50% of share capital

CMA
Jeddah - Arab Today

The CMA has issued an amendment to the “Procedures and Instructions Related to Listed Companies with Accumulated Losses amounting to 50 percent or more of its Share Capital”, which has been implemented since 1/7/2014, to be named after the amendment as the “Procedures and Instructions Related to Listed Companies with Accumulated Losses amounting to 20 percent or more of its Share Capital.”
The amendment includes adding a a flag beside the company’s name on the Saudi Stock Exchange (Tadawul) website to indicate when a company’s accumulated losses amount to 20 percent or more and less than 35 percent of its share capital, when accumulated losses amount to 35 percent or more and less than 50 percent of its share capital, and when the accumulated losses of a company amount to 50 percent or more of its share capital.
The CMA also clarified that the current Procedures and Instructions Related to Listed Companies with Accumulated Losses amounting to 50 percent or more of its Share Capital will continue to be applicable until the new instructions take effect starting from 22/4/2017. In addition, the CMA would like to clarify that paragraph (k) of Article (5) of the currently applicable procedures requires delisting company’s shares with accumulated losses amounting to 100 percent or more of its share capital after the elapse of two full financial years, each of which is not less than 12 months, without improving its position by reducing its accumulated losses below 75 percent of its share capital or not reflecting operating profits and positive operating cash flows for the last financial year. It should be noted that paragraph (k) of Article (5) from the currently applicable procedures will be applied to listed companies with accumulated losses amounting to 100 percent or more of its share capital and which will complete two financial years by the end of 2016 without improving its position by reducing its accumulated losses below 75 percent of its share capital, when it publishes its annual financial results for 2016.
The amendment on these procedures comes in consistency with the provisions included in Article (150) of the new Companies Law.

Source: Arab News

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