Naseej International submits capital cut request to Saudi CMA

The company said it will announce further relevant details in due course, according to a bourse statement

  
Saudi Capital Market Authority headquarters is seen in Riyadh, Saudi Arabia June 26, 2019. REUTERS/Nael Shyoukhi - RC1C5289E220 Image used for illustrative purpose

Saudi Capital Market Authority headquarters is seen in Riyadh, Saudi Arabia June 26, 2019. REUTERS/Nael Shyoukhi - RC1C5289E220 Image used for illustrative purpose

Nael Shyoukhi - RC1C5289E220

Riyadh –  Naseej International Trading Company on 11 November submitted a request to the Saudi Capital Market Authority (CMA) for a SAR 116.527 million capital reduction.

The company said it will announce further relevant details in due course, according to a bourse statement on Thursday.

On 10 November, the company’s board amended its previous capital cut recommendation to 65.4% of the capital in light of the losses Naseej incurred during the quarter ended on 30 September 2020. The new capital will reach SAR 61.63 million.

In the third quarter of the year, Naseej turned to a net loss of SAR 38.75 million, against a net profit of SAR 3.07 million in the prior-year period.

Source: Mubasher

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