Riyadh - Mubasher: The extraordinary general meeting (EGM) of Al Baha Investment and Development Company approved the capital increase and reduction.

The capital hike will occur to acquire Al Marakiz Al Raqiyah Ltd, while the decrease will be used to offset accumulated losses, according to a bourse filing on Wednesday.

The capital was raised to SAR 295 million from SAR 150 million, with a 96.7% hike. The raise was valid as of 2 May. After that, the capital was reduced to SAR 177 million through cutting 4 shares per every 10 shares. The decrease is valid as of the end of trades on the EGM's day.