Riyadh – Mubasher: The board members of Al Baha Investment and Development Company changed its recommendation of reducing the company's capital to stand at SAR 207.90 million, instead of SAR 222.75 million.
The capital cut proposal aims to amortise the incurred losses valued at SAR 85.46 million as of 31 March by reducing the nominal share value from SAR 0.10 to SAR 0.07, according to a bourse filing.
Meanwhile, the Saudi firm will write off an amount of SAR 89.10 million of the SAR 297 million capital to extinguish all its accumulated losses without reducing the number of its current shares.
Subject to obtaining regulatory approvals, the 30% capital reduction will not affect Al Baha Investment’s financial obligations.
On 8 July, the company appointed Al Dukheil Financial Group as a financial advisor to carry out all related procedures regarding the capital decrease.
