Riyadh - Mubasher: Asharqiyah Development appointed Wasatah Capital as a financial advisor to manage the former's capital decrease, after obtaining the required approvals.

The company's board had earlier recommended the reduction of its capital by 38.80% from SAR 75 million to SAR 45.9 million to offset most of the company's accumulated losses, according to a bourse filing on Thursday.

The Saudi-listed firm posted SAR 14.1 million losses in 2016 against SAR 8.9 million profits in 2015.

The stock rose 3.25% to SAR 35.77 at Wednesday's close.