Riyadh – Mubasher: Al Baha Investment and Development Company submitted an application file to the Capital Market Authority (CMA), on 11 September 2024, to lower its capital.
The Saudi firm aims to reduce the company's capital from SAR 297 million to SAR 218.29 million in order to extinguish accumulated losses valued at SAR 78.70 million as of 30 June 2024.
The reduction will be implemented by cancelling 787.05 million shares with a nominal value of 0.10 per share, according to a bourse filing.
Following the transaction, the accumulated losses will stand at SAR 1.26 million, representing 0.58% of the company’s new capital, which will amount to SAR 218.29 million.
Meanwhile, the capital reduction is subject to the approval of the relevant official and regulatory authorities and the approval of the extraordinary general meeting (EGM).
