Riyadh – Mubasher: The Saudi Capital Market Authority (CMA) approved Qassim Agriculture's request to reduce capital from SAR 500 million to SAR 300 million, according to a bourse filing on Thursday.
Share volume will accordingly move down to 30 million from 50 million, the filing revealed.
The reduction step is still pending the approval of the extraordinary general meeting and the fulfillment of other related requirements and procedures.
Earlier, the company announced appointing Wasatah Capital Investments as a financial consultant to manage the capital decrease, after obtaining the required approvals.
The Saudi-listed company's accumulated losses reached SAR 200.8 million in September, representing 40.16% of the capital.
