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Fitaihi Holding’s shareholders nod to SAR 275m capital decrease

Fitaihi Holding’s shareholders nod to SAR 275m capital decrease
Fitaihi Holding’s will stand at SAR 275 million
FITAIHI GROUP
4180
-1.77% 2.77 -0.05

Riyadh – Mubasher: The shareholders of Fitaihi Holding Group gave the green light for the board’s recommendation to reduce the capital by 50% or SAR 275 million.

The company will write off 27.5 million shares at a par value of SAR 10 each by cancelling one share for every two owned shares, according to a bourse filing on Thursday.

Fitaihi Holding’s will stand at SAR 275 million, compared to SAR 550 million prior to the reduction.

The firm expected the capital cut to positively reflect on its performance and profitability levels, noting that it will finance the reduction process from its own resources.

Last month, the Saudi Capital Market Authority (CMA) approved the 50% decrease in Fitaihi Holding’s capital.