Riyadh – Mubasher: Al Sorayai Trading and Industrial Group’s shareholders convened for an extraordinary general meeting (EGM) where they approved the capital cut by 40%.

Accordingly, the company’s capital has been reduced to SAR 225 million from SAR 375 million. A total of 15 million shares will be cancelled, bringing the total number of Al Sorayai’s traded shares to 22.5 million from 37.5 million, a filing to the Saudi Stock Exchange (Tadawul) on Sunday showed.

The fluctuation limits for Al Sorayai Trading and Industrial Group will, therefore, be based on a share price of SAR 13.23, the company added.

This capital reduction will have no impact on Al Sorayai’s financial obligations.

The company’s stock will be suspended for two trading days, namely Sunday and Monday until the Securities Depository Center Company (Edaa) reflects the share reduction in investors’ portfolios.

The suspension on Al Sorayai Trading’s shares will be lifted by the end of Monday, 1 January 2018, the statement showed.

The EGM decision was taken on Thursday, 28 December.