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
Nael Shyoukhi - RC1C5289E220
By Staff Writer, Mubasher
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.
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