Riyadh – Mubasher: The shareholders of Naseej International Trading Company have approved the board's recommendation to reduce its capital by 48.51%.
Naseej International will decrease its capital by cancelling 10.26 million ordinary shares, equivalent to 0.48 shares for every one owned share, according to a bourse filing.
The new capital will stand at SAR 108.97 million distributed over 10.89 million shares, compared to SAR 211.63 million and 21.16 million shares prior to the cut.
Meanwhile, the capital reduction aims to amortise the firm’s accumulated losses of SAR 102.65 million.
It is worth noting that the shareholders granted their approval during the extraordinary general meeting (EGM) that was held on Monday, 18 July.
Last May, the Capital Market Authority (CMA) greenlighted Naseej International’s capital cut request.
