Riyadh - Mubasher: The Saudi Capital Markets Authority (CMA) approved Al Baha Investment and Development Company’s request to decrease its capital by 40%.
The company will reduce its capital from SAR 295 million to SAR 177 million and consequently, the shares will decrease from 29.5 million to 17.7 million, according to a bourse filing on Tuesday.
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, the statement said.
Al Baha submitted the capital cut request to the CMA on 21 March 2017.
The company appointed on 15 March Aldukheil Financial Group as a financial consultant to manage the process of capital reduction.
