Saudi Wafrah appoints financial advisor for capital decrease

Wafrah will soon file for the capital cut to the Capital Market Authority

  
Image used for illustrative purpose. Saudi traders monitor stocks at a Saudi Bank in Dammam.

Image used for illustrative purpose. Saudi traders monitor stocks at a Saudi Bank in Dammam.

REUTERS/Stringer

Riyadh – Wafrah for Industry and Development Company has announced the appointment of Wasatah Capital as the financial advisor for its capital decrease.

The company will soon present its capital decrease request to the Saudi Capital Market Authority (CMA), according to a statement to the Saudi Stock Exchange (Tadawul) on Wednesday.

The company’s board of directors has recently recommended decreasing the company’s capital by 49.438% from SAR 200 million to around SAR 101 million, by reducing the number of shares from 20 million shares to 10.112 million shares.

The aim is to offset the company’s accumulated losses that amounted to SAR 98.88 million.

Source: Mubasher

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