PHOTO
Saudi Arabian housing services company, Red Sea International Co (Red Sea) has had its capital reduction approved by the kingdom’s Capital Market Authority.
Under the reduction, the company will reduce its capital by almost half from SAR 600 million ($160 million) to SAR 302.344 million ($80.6 million).
A statement to the Saudi Stock Exchange (Tadawul) announced that the company had received the go ahead from the authority, but said the capital reduction is still subject to approval from Red Sea International’s general assembly.
(Writing by Imogen Lillywhite; editing by Seban Scaria)
