Addendum announcement from MetLife AIG ANB Cooperative Insurance Co. related to the accumulated losses exceeding 50% of the Company's capital,
Further to the announcement published on Tadawul's website on 26-03-2018 and related to the accumulated losses exceeding 50% of the Company's capital and reaching 51.62% of capital, MetLife AIG ANB Cooperative Insurance Company would like to inform its esteemed shareholders that the Board of Directors was informed of this material development on Sunday evening 25/03/2018. Also, the Company would like to inform its esteemed shareholders that in accordance with Article 150 of the Companies Law, the Board of Directors must call, no later than 09/04/2018, for the Extraordinary General Assembly to convene maximum by 09/05/2018 in order to rectify the accumulated losses situation.
It is worth mentioning that if the Extraordinary General Assembly fails to convene before 09/05/2018 or fails to take a decision on the subject, the Company shall be dissolved by the force of law according to paragraph (b) of Article 150 of the Companies Law.
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