Commercial Companies Law

Article 297 — Article (297)

Part Seven: Conversion, Merger, Divestiture and Acquisition of Companies · Chapter Three: Company Divestiture

The company's board of directors shall obtain no objection from the Ministry or SCA, as the case may be, on the method of divestiture and detailed divestiture plan, particularly the assets and liabilities that belong to the new companies resulting from the divestiture, the default financial statements of each new company resulting from the divestiture based on the assets, liabilities, equity and revenue and expenses of activities.

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