Riyadh – Mubasher: The Saudi Capital Market Authority (CMA) has approved for Fitaihi Holding Group to reduce its capital by SAR 275 million, according to a filing to Tadawul on Monday.

The new capital will stand at SAR 275 million distributed over 27.5 million shares, compared to SAR 550 million and 55 million shares prior to the cut.

Earlier this year, Fitaihi Holding’s board recommended a 50% capital reduction, with expectations to reflect positively on its performance and profitability indicators.