Riyadh – Mubasher: The Capital Market Authority (CMA) approved the request of Abdulmohsen Alhokair Group for Tourism and Development (Alhokair Group) to reduce its capital to SAR 315 million from SAR 650 million.
Meanwhile, the reduced capital will be distributed over 31 million shares, compared to 65 million shares prior to the decrease transaction, according to a bourse disclosure.
Last month, Alhokair Group’s board amended the proposed capital reduction to 51.54% instead of 46.15%.
The capital cut aims to amortise 98.93% of SAR 338.63 million accumulated losses that were registered in the first half (H1) of 2022.
During the January-June 2022 period, the Saudi listed firm incurred net losses after Zakat and tax of SAR 66.34 million, an annual plunge of 48.99% from SAR 130.05 million.
The revenues stood at SAR 344.44 million in H1-22, higher by 6.43% than SAR 323.64 million in H1-21.
