Al Arabia decides to liquidate wholly-owned subsidiary Sindebaad

Logo of Arabian Contracting Services Co. (Al Arabia)

Arabian Contracting Services Co.'s (Al Arabia) board of directors approved today, Oct. 26, the voluntary liquidation of Arabian Bird Trading Co. (Sindebaad), a wholly-owned subsidiary with a SAR 50,000 paid-in capital, according to a statement to Tadawul.

The related financial impact - which is not expected to be material - will be shown after the completion of the liquidation procedures in Al Arabia’s consolidated financial statements over the coming period, the statement added.

The decision is in line with the framework of reviewing the contracting service provider’s plans and business strategy, with the purpose of focusing on investing in promising opportunities locally and globally.

It is also aimed at avoiding any future obstacles that may limit Al Arabia’s approach in achieving excellent results, following discussions and preparation of the necessary studies.