Al Sorayai’s accumulated losses reach 36.2% of capital

Al Sorayai Trading And Industrial Group Co.’s accumulated losses have reached SAR 135.9 million, representing 36.2 percent of capital, the company said in a statement to Tadawul on Sunday.

The group recently launched a restructuring plan that aims to dispose of non-yielding operations amid the current market conditions.

In June, Al Sorayai merged the business of its wholly-owned subsidiary Home Styles with its retail activities.

The company also sold its 99 percent stake in UK-based Millennium Weavers – Europe and closed its fully owned subsidiary Millennium Weavers US Ltd.

Al Sorayai – which manufactures rugs, carpets, fabrics, curtains and furniture – expects these decisions to have a positive impact on future results, the statement said.

Meanwhile, the company will also be studying the available business alternatives as per the companies’ law.

The Saudi Capital Market Authority’s (CMA) rules and regulations concerning companies with accumulated losses of 20 percent or more will be applicable to the firm.