Riyadh – Mubasher: The board of Tourism Enterprise Company (Shams) proposed decreasing the capital by SAR 34.51 million to offset the accumulated losses that accounted for 34% of the capital, according to a bourse filing on Monday.

The company will cancel 3.45 million shares to cut the capital to SAR 66.99 million distributed over 6.69 million shares, compared with SAR 101.5 million and 10.15 million shares prior to the decrease.

Shams has recently appointed Ali Abdullah Al Selham as the new CEO of the company.