RIYADH: Tourism Enterprise Co. shareholders will vote on a 48.21 percent capital reduction on Dec. 9 during an Extraordinary Assembly Meeting, according to a bourse filing.

The capital after reduction will amount to SR52.57 million ($14 million) compared to SR101.5 million before reduction, the company said in a statement on the Saudi Stock Market (Tadawul), on Thursday.

The number of shares after the reduction is set to be about 5.26 million shares, compared to 10.15 million shares before the move.

The company aims to reduce its capital to amortize SR48.9 million accumulated losses.

The method of reducing the capital is through canceling about 4.89 million shares, by reducing one share for every 2.074 shares, the company said.

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