Al Battal Chemical Shareholders Approve Continuing Operations Despite Losses
The Extraordinary General Assembly of Albattal Factory for Chemical Industries (9623) approved the company's continuation despite losses exceeding half of capital, appointed auditors, and authorized interim dividends.
Key Numbers
Albattal Factory for Chemical Industries Co. (Ticker: 9623) announced the results of its Extraordinary General Assembly meeting held on June 22, 2026, with 63.79% shareholder attendance.
Key Approvals
Shareholders approved:
- Appointment of Auditors: Al-Ayouti & Co. was appointed as the company's auditor for 2026 at a fee of SAR 195,000.
- Interim Dividend Authorization: The Board was authorized to distribute interim dividends on a semi-annual or quarterly basis.
- Related Party Transactions: Approved transactions with Al Battal Holding Company totaling SAR 6,647,587 and with Al Battal Investment Company totaling SAR 8,265,573 during 2025.
- Continuation of Operations: Approved the Board's recommendation for the company to continue operations despite losses exceeding half of its capital, in accordance with Article 132 of the Companies Law.
Context
This decision reflects the company's commitment to transparency and corporate governance. Article 132 requires shareholder approval for a company to continue if losses exceed half of its capital. The authorization for interim dividends signals a focus on shareholder returns.
What This Means for Investors
The approval to continue operations is a positive step toward stability, but investors should monitor the company's financial performance and recovery plans closely.
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