Riyadh – Mubasher: The Saudi Capital Market Authority (CMA) has approved Tabuk Agricultural Development Company's request to reduce its capital from SAR 450 million to SAR 241.77 million.
This will reduce the number of shares from 45 million shares to 24.177 million shares.
Tabuk recently appointed Wasatah Capital as a financial advisor to manage its capital reduction.
The aim is to offset the accumulated losses that reached SAR 208.233 million by the end of the third quarter (Q3) of the year, representing 46.3% of the company’s capital.
