Saudi-listed Raydan Food Co. reported on Sunday that it has narrowed its accumulated losses to less than 35 percent of share capital following a rights issue that raised more than 109.422 million riyals ($29 million) in August. 

Total accumulated losses as of September 30, 2021 amounted to 109.235 million riyals, representing 32.37 percent of the capital, Raydan Food told the Saudi Stock Exchange (Tadawul).  

Last June, Raydan reported that accumulated losses had reached 36.08 percent of its capital due to a decrease in revenues and an increase in the cost of sales caused by the coronavirus pandemic. 

“The decrease in accumulated losses is related to the increase of the share capital through right issuance,” the statement said. 

“The company shall continue to be subject to the procedures and guidelines related to the listed companies in Tadawul whose accumulated losses have exceeded 20 percent of the share capital,” it added. 

Raydan Food Co. owns and operates several restaurants across the kingdom. Its rights offering in August was 97.26 subscribed and sold more than 10.9 million new shares. 

(Writing by Cleofe Maceda; editing by Seban Scaria ) 

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