Riyadh – Mubasher: Qassim Agricultural Co.'s board recommended decreasing the company's capital 40% to SAR 300 million from SAR 500 million to offset accumulated losses.
The company's shares will fall to 30 million shares from 50 million shares; there is no impact for the capital reduction on the company's financial commitments, according to a bourse filing on Thursday.
The capital reduction is subject to the approval of the official authorities and the extraordinary general meeting (EGM) of the company.
Qassim appointed 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.
