Riyadh – Mubasher: Tabuk Agricultural Development Company filed a capital reduction request to the Saudi Capital Market Authority (CMA), according to a statement to the Saudi Stock Exchange (Tadawul).

The company’s board of directors has recently recommended cutting the capital by 46.27% to SAR 241.77 million down from SAR 450 million.

Moreover, Tabuk appointed Wasatah Capital as a financial advisor to manage its capital reduction.

The aim is to offset the accumulated losses that reached SAR 208.233 million by the end of the third quarter (Q3) of the year, representing 46.3% of the company’s capital.