Riyadh – Mubasher: The extraordinary general meeting (EGM) of Nama Chemicals on 11 May approved reducing capital by 81.7% for restructuring purposes in line with the New Companies Law.

Nama will cut the capital to SAR 235.2 million from SAR 1.29 billion, by cancelling 105 million shares to reach 23.52 million from 128.52 million shares before the capital cut, according to a bourse filing issued on Sunday.

The Saudi firm clarified that no financial impact from the cut will affect Nama’s liabilities.

Nama’s fluctuation limits will be based on a share price of SAR 20.87, the company said, adding that the Saudi Stock Exchange (Tadawul) has suspended the stock from trading on Sunday and Monday until the reduction is applied on shareholders’ portfolios.