Riyadh - Mubasher: Al Baha Investment and Development reported a net profit of SAR 1,590 ($479) in March, which raises the company’s net profits in three months to SAR 6,000 ($1,590).
The company’s accumulated losses reached SAR 185.36 million, representing 123.6% of its capital, which totals SAR 150 million, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Sunday.
The Saudi Capital Markets Authority (CMA) approved on Tuesday Al Baha Investment and Development’s request to cut its capital by 40% from SAR 295 million to SAR 177 million. Consequently, the number of shares will be decreased from 29.5 million to 17.7 million.
The approval is subject to the resolution of the company’s extraordinary general meeting (EGM) and the completion of the necessary procedures in relation to the applicable regulations.
Al Baha submitted the capital cut request to the CMA on 21 March 2017.
It is also worth noting that the company appointed Aldukheil Financial Group on 15 March as a financial consultant to manage the process of capital reduction.
