Riyadh – Mubasher: The board of Wafrah for Industry and Development Company has recommended reducing the company’s capital by 49.438% from SAR 200 million to around SAR 101 million.

This will decrease the number of shares from 20 million shares to 10.112 million shares, according to the company’s statement to the Saudi Stock Exchange (Tadawul).

Wafrah’s board of directors attributed the recommendation to the need to offset the company’s accumulated losses that amounted to SAR 98.88 million, by cancelling roughly 9.89 million shares.