Riyadh –  The shareholders of Red Sea International Company have agreed to reduce the capital by SAR 297.65 million (49.61%).

The listed 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.

Through the capital cut, Red Sea International aims to amortise accumulated losses of SAR 298 million, restructure its capital, and support future plans.

The shareholders granted their approval during the extraordinary general meeting (EGM) that was held on 24 July.

Last June, the Capital Market Authority (CMA) greenlighted the Saudi company’s capital decrease request.

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