Riyadh – Mubasher: The board of the National Metal Manufacturing and Casting Company (Maadaniyah) has recommended reducing the capital by 47.12 million instead of about SAR 40 million, according to a bourse disclosure on Tuesday.

The capital will stand at SAR 234 million distributed over 23.4 million shares, compared to SAR 281.12 million and 28.11 million shares prior to the 16.76% reduction.

Maadaniyah will cancel around 4.71 million shares or one share for every 5.966 shares to offset the SAR 47.12 million accumulated losses.

The company has incurred more than SAR 47 million of accumulated losses until 31 March 2021.