Riyadh – Red Sea International Company’s accumulated losses have decreased to 20% of the company’s capital, according to a stock exchange statement on Wednesday.

The company has offset the total accumulated losses as of 31 March 2022 amounting to SAR 297.65 million, representing 49.61% of the company's capital.

On 24 July 2022, shareholders of the Tadawul-listed firm approved reducing the company’s capital by SAR 297.65 million to amortise the accumulated losses.

The firm will decrease its capital by cancelling 29.76 million ordinary shares, equivalent to 1 share for every 2.01 owned shares.

The new capital will stand at SAR 302.34 million distributed over 30.23 million shares, compared to SAR 600 million and 60 million shares prior to the reduction.

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