Riyadh – Mubasher: Abdulmohsen Alhokair Group for Tourism and Development Company submitted requests to the Capital Market Authority (CMA) for a capital cut and increase, according to a bourse filing on Thursday.

Alhokair Group wants to lower its capital by 37.64% to SAR 343 million from SAR 550 million and then raising it by way of a rights issue.

In October, the group’s board recommended cutting the company's capital through the cancellation of 20.7 million shares or one share for every 2.657 shares, in a bid to write off SAR 207 million worth of accumulated losses as of 30 September 2020.

Meanwhile, it suggested raising the capital afterwards through a rights issue amounting to SAR 307 million.