Riyadh – Mubasher: The Saudi Capital Market Authority approved Abdulmohsen Alhokair Group for Tourism and Development’s request to reduce the capital by SAR 207 million, according to an official statement on Wednesday.

The capital will stand at SAR 343 million distributed over 34.3 million shares, compared with SAR 550 million and 55 million shares prior to the cut.

The CMA also approved for Alhokair Group to later increase the capital through a rights issue worth SAR 307 million.

Last December, Alhokair Group announced its plan to reduce the capital by 37.64%.