MESC Assembly Approves Transfer of Statutory Reserve to Retained Earnings

Middle East Specialised Cables Co. (MESC) announced on Sunday that the Extraordinary General Assembly Meeting (Third Meeting) approved delegating the Board of Directors with the authority of the General Assembly as outlined in Paragraph (1) of Article 27 of the Companies Law. The delegation will be effective for one year from the date of approval by the General Assembly or until the end of the term of the authorised Board of Directors, whichever occurs first. The delegation shall be implemented in accordance with the conditions stipulated in the executive regulations of the Companies Law for listed joint-stock companies.

It was also approved to transfer the entire statutory reserve of the company in the amount of 28.9 million riyals as in the financial statements, ending on Dec. 31, 2023 to the retained earnings item.