Riyadh – Mubasher: Al Kathiri Holding Company has submitted an application to the Capital Market Authority (CMA) to reduce the company’s capital by SAR 103.37 million.
The proposed restructuring aims to extinguish accumulated losses through the cancellation of 206.74 million ordinary shares.
Under the filing submitted on 27 September, the company intends to decrease its capital from SAR 113.02 million to SAR 9.64 million. This move follows the initial board of directors' recommendation issued on 2 July and a subsequent amendment announced on 7 September.
The capital reduction remains subject to obtaining necessary regulatory approvals from the relevant authorities and is contingent upon the final consent of the company’s extraordinary general assembly.
Al Kathiri Holding stated it will disclose further developments regarding the process as they occur.
