Riyadh – Mubasher: The extraordinary general assembly of Al Sorayai Trading and Industrial Group has approved a 70.89% capital cut.

The company will reduce its capital to SAR 65.5 million instead of SAR 225 million, according to a filing to the Saudi Stock Exchange (Tadawul) on Thursday.

The decision aims at offsetting the company’s accumulated losses.

Earlier in August, the Capital Market Authority (CMA) has approved the group’s to reduce its capital.

By the end of July, Al Sorayai’s board has recommended the reduction of the company’s capital.

It is worth noting that during the second quarter of 2019, the company swung to losses with SAR 48.9 million, against profits of SAR 921,000 in Q2-18.