Riyadh – Mubasher: Al Sorayai Trading and Industrial Group’s (Al Sorayai) board has recommended the reduction of the company’s capital by 70.89% to SAR 65.5 million from SAR 225 million.

After the reduction, Al Sorayai’s shares will amount to 6.55 million, compared to 22.5 million before the reduction, according to a bourse statement released on Tadawul on Thursday.

The capital cut will be carried out to underwrite the company’s loss, as per the statement.

Al Sorayai disclosed its interim financial results for the second quarter of 2019.

The company swung to loss with SAR 48.9 million in Q2-19, against profits of SAR 921,000 in Q2-18, according to the company’s recent statement to the Saudi Stock Exchange (Tadawul).