Riyadh – Mubasher: The board of Anaam International Holding Group has recommended reducing the company’s capital by 92.35% to offset the company’s accumulated losses.
The proposed cut will reduce the capital from SAR 196 million to SAR 15 million, according to a statement to the Saudi Stock Exchange (Tadawul) on Tuesday.
Offsetting losses will be through the cancellation of 181 million shares, valued at SAR 181 million.
This is subject to the approval of the company’s next extraordinary general assembly meeting (EGM).
The company announced on Monday in a separate bourse filing that its accumulated losses have reached 92.3% of capital at SAR 181 million.
