Riyadh – Mubasher: The Capital Market Authority (CMA) has approved Al Sorayai Trading and Industrial Group’s request to reduce its capital.

Accordingly, the company will reduce its capital to SAR 65.5 million from SAR 225 million, according to CMA’s recent statement.

This approval is conditional on the Company’s extraordinary general assembly approval and completion of the necessary procedures in relation to the applicable regulations.

By the end of July, Al Sorayai’s recommended the reduction of the company’s capital by 70.89% to SAR 65.5 million to underwrite the company’s loss.

It is worth noting that the Saudi-based firm swung to losses with SAR 48.9 million in Q2-19, against profits of SAR 921,000 in Q2-18.