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Al Baha board proposes 40% capital cut

Al Baha board proposes 40% capital cut
Capital reduction will occur through cancelling 11.8 million shares (Photo Credit: Arabianeye-Reuters)
ALBAHA
4130
7.69% 0.14 0.01

Mubasher: The board members of Al Baha Investment and Development recommended a capital reduction by 40% to SAR 177 million from SAR 295 million, according to a bourse filing issued on Wednesday.

Decreasing the capital is subject to the Capital Market Authority’s (CMA) approval of raising Al Baha’s capital to SAR 295 million from SAR 150 million, the statement added.

The reduction will take place through 4-per-10 shares, cancelling 11.8 million shares.