Aseer’s board of directors ratify voluntary liquidation of 3 subsidiaries

Aseer Trading, Tourism & Manufacturing Co. (Aseer) announced that the board of directors approved today, Sept. 30, the voluntary liquidation of three wholly owned subsidiaries that were previously established for investments purposes.

In a statement on Tadawul, the company added that each of the three subsidiaries has a paid-up capital of SAR 500,000, which are as follows:

- Al Ostool Al Arabia for Real Estate Development Company

- Al Nossarah International for Real Estate Development

- Regional Hills for Investments

The company explained that the liquidation decision is due to the restructuring the ownership of the company’s investments, as the registered investment in Al Ostool Al Arabia and Al Nossarah International were transferred to the parent company, Aseer.

The third firm, Regional Hills, was liquidated for not engaging in any business activity.

Aseer indicated that there is no financial impact resulting from the voluntary liquidation of these companies.