Riyadh – Mubasher: Tabuk Agricultural Development Company has appointed Wasatah Capital as a financial advisor to manage its capital reduction, according to a statement to the Saudi Stock Exchange (Tadawul) on Thursday.

Tabuk further revealed that it will make an announcement when it files for the capital cut in the Capital Market Authority (CMA).

Recently, the company’s board of directors recommended reducing capital by 46.27% to SAR 241.77 million from SAR 450 million to amortize the total accumulated losses, which amounted to SAR 208.233 million, representing 46.3% of the capital.