Riyadh –  The Saudi Capital Market Authority (CMA) has approved the request of Wafrah for Industry & Development Company to cut its capital to SAR 77.17 million from SAR 200 million.

Therefore, the company will reduce the number of shares from 20 million shares to 7.717 million shares, according to a disclosure to the Saudi Stock Exchange (Tadawul) on Tuesday.

This approval is subject to the company’s extraordinary general meeting's (EGM) acceptance.

It is noteworthy to mention that the company logged SAR 121.28 million accumulated losses, which represents 61% of the company’s capital.

 

Source: Mubasher

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