Riyadh – Mubasher: The extraordinary general meeting (EGM) of Naseej International Trading Company approved reducing the company’s capital by 65.4% to amortise accumulated losses totalling SAR 116.5 million.

The company’s capital will be cut to SAR 61.6 million from SAR 178.16 million through the cancellation of 11.65 million shares, according to a bourse disclosure on Monday.

The capital reduction shall come into effect on all registered shareholders in the register of the Securities Depository Center Company (Edaa) at the end of the second trading day following the EGM meeting date that approved the capital cut.

In November, Naseej submitted a request to the Saudi Capital Market Authority (CMA) for a SAR 116.527 million capital reduction.