Riyadh – Mubasher: Red Sea International Company said its accumulated losses have dropped to 0% of the company’s capital, according to a stock exchange statement on Monday.
The company's accumulated losses stood at SAR 297.65 million as of 31 March 2022, representing 49.67% of the company’s capital.
In July 2022, Red Sea International’s shareholders agreed to reduce the capital by cancelling 29.76 million ordinary shares, equivalent to one share for every 2.01 owned shares.
The new capital will stand at SAR 302.34 million distributed over 30.23 million shares, compared to SAR 600 million and 60 million shares prior to the reduction.
Last June, the Capital Market Authority (CMA) greenlighted the Saudi company’s capital decrease request.
