Riyadh-Mubasher: Al-Babtain Power and Telecommunication Co. said it will cut Al-Babtain France’s capital by 3 million euros, according to a bourse statement posted on Tadawul website.
The reduction will be effected through eliminating three million of the France unit’s nine million shares.
The move is aimed at offsetting the French subsidiary’s accumulated losses which exceeded 50% its capital until 31 December 2014 through allocating regular reserves to hedge against losses in 2015, the statement added.
The reduction, which does not have a material impact on Al-Babtain Power’s liabilities, is pending the approval of competent French authorities.
