Saudi CMA approves Al Sorayai Trading reduction of capital

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RIYADH — The Saudi Capital Market Authority (CMA) has issued its resolution approving Al Sorayai Trading and Industrial Group’s request to reduce its capital from SR225,000,000) to SR(65,500,000), thus reducing the number of shares from (22,500,000) shares to (6,550,000) shares.

This approval is conditional on the company’s extraordinary general assembly approval and completion of the necessary procedures in relation to the applicable regulations. The company will publish a disclosure document to its shareholders related to the proposed method of capital reduction and the expected effect of such reduction within sufficient time prior to the Extraordinary General Assembly Meeting to enable shareholders to vote on the capital decrease.

The CMA’s approval of a particular company’s application to reduce its capital should never be viewed as an endorsement of the feasibility of the capital decrease.

The CMA’s approval of a company’s application to reduce its capital merely means that the regulatory requirements as per the Capital Market Law and its Implementing Regulations have been met.

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